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What is no medical life insurance

PolicyMe Launches Fully Digital Life Insurance Product

Up To $5 Million in Coverage

New partnership with Canadian Premier Life Insurance Company results in a 100% digital process that’s faster and has the most competitive pricing in Canada

Toronto, ON (Apr. 7, 2020) – PolicyMe, a digital life insurance platform, is pleased to introduce a completely digital way for Canadians to purchase life insurance. In partnership with Canadian Premier Life Insurance Company (“Canadian Premier”), PolicyMe now enables Canadians to purchase up to $5 million in life insurance coverage entirely online — no unnecessary paperwork, phone calls, or in-person visits — with prices more competitive than offerings currently on the market. The fully underwritten digital product also speeds up the process, with the majority of users receiving an approval within 20 minutes, down from an average four- to six-week waiting period.

Canadians can now purchase up to $5 million in life insurance coverage entirely online — no unnecessary paperwork, phone calls, or in-person visits — with prices more competitive than offerings currently on the market. (PolicyMe)

Today’s announcement follows a record year for PolicyMe, which saw over 700 per cent YoY growth as one of Canada’s leading digital life insurance platforms, processing thousands of applications amidst a pandemic that saw a surge in demand for life insurance protection. PolicyMe found almost one quarter (24%) of Canadian adults who did not have life insurance prior to the pandemic reported either purchasing it or considering purchasing it since the onset of COVID-19.

“Now more than ever, consumers are demanding the ability to buy life insurance completely online, and we’re happy to deliver,” says Andrew Ostro, Co-Founder & CEO of PolicyMe. “By slashing distribution costs and using advanced underwriting technology, we’re able to pass savings along to the consumer and speed up the process. It’s a major step forward in terms of making life insurance easier, faster, and more affordable for Canadians protecting their families.”

Life Insurance 2.0: A Better Way for Canadians to Stay Protected

According to PolicyMe, 51 per cent of Canadian policyholders say they would purchase life insurance through an online platform, and that number jumps to 65 per cent for people aged 18-34. Consumers are increasingly ready for a fully digital life insurance product.

PolicyMe’s new digital offering, in partnership with Canadian Premier, is eliminating barriers associated with the traditional way of purchasing life insurance, including in-person meetings with agents, medical exams, physical paperwork, and weeks of wait time. In addition to the peace of mind afforded by a contactless process, the new product means Canadians will also get covered faster and at a lower price. Powered by an algorithmic underwriting engine, PolicyMe is designed to determine risk and give consumers an immediate decision, without having to work with an agent or endure lengthy applications. The majority of users are approved instantly and can buy their policy directly on the platform.

“Canadian Premier is embracing digital solutions to make the customer journey and purchase process an informed, fast and easy one,” explains Suzette Huovinen, CEO of Canadian Premier. “The pandemic has accelerated overdue change in the life insurance industry. Our partnership with PolicyMe expands our footprint in the Canadian market, while protecting our customers and those they care about most.”

Notes

Pricing comparisons are based on a review of publicly available rates. In some cases, additional underwriting and medical exams may be necessary and require additional time. Currently not available in Quebec, New Brunswick and Newfoundland.

About PolicyMe

PolicyMe is a new kind of digital life insurance platform built for the modern consumer who values ease and affordability. PolicyMe makes it easy to get a quote, apply for coverage, and get approved in minutes, not weeks. The fully-underwritten term life insurance policies we offer are stripped of unnecessary bells and whistles, resulting in fewer steps, lower costs, and the same high quality coverage you deserve. PolicyMe is licensed to operate in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, Yukon Territories, Northwest Territories & Nunavut. For more information, visit www.policyme.com.

About Canadian Premier

For more than 60 years, Canadian Premier has been committed to providing financial security to Canadians and their families in the face of uncertainties. Canadian Premier offers individual term and group life, accident & sickness, credit and creditor insurance solutions to a number of leading financial institutions, retailers and affinity groups, insuring over 2 million Canadians and families coast-to-coast. Canadian Premier is a wholly-owned subsidiary of Securian Financial Group. To learn more about Canadian Premier, visit www.canadianpremier.ca.

Source: PolicyMe

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What is no medical life insurance

Life Simpli Launches Hassle-Free Insurance Marketplace in Canada

New platform enables individuals to apply for life & critical illness insurance within minutes

Toronto, ON (Apr. 8, 2021) – Life Simpli, a new InsurTech startup focused on simplifying the purchase of life and critical illness insurance for Canadians, announced its launch today.

The innovative, easy-to-use web platform enables individuals to assess their insurance needs, compare instant quotes from leading insurance providers in Canada and apply for suitable coverage – all within minutes.

Serving as a simplified insurance marketplace, Life Simpli allows individuals to apply for life and critical illness insurance by providing instant, real-time quotes from over 10 leading insurance companies in Canada like Manulife, SunLife, BMO, Canada Life, and Desjardins amongst others. Some of the policies also enable consumers to apply for life insurance coverage without any medical exam.

The 3-step process starts with a simple digital assessment to determine the consumer’s insurance needs. Based on this assessment, the web platform runs its intuitive algorithm to find the right policy for the consumer and provides instant quotes from various insurance providers. This is followed by a simple application process for the consumer’s insurance coverage of choice.

The insurance application process concludes with a call from a Life Simpli licensed advisor to finalize the application and ensure that the customer fully understands the product.

Life Simpli also provides 24/7 support for individuals that would rather kickstart the process with a one-on-one interaction with an insurance advisor. Since the firm houses its own team of independent licensed advisors, the consumers can expect transparent, unbiased, and personalized advice catered to their specific requirements.

“With the rapid shift towards digital and the increased focus on health and well-being, especially during the COVID-19 pandemic, it became essential to provide customers with a simple, hassle-free web platform to purchase life and critical illness insurance within the safety and comfort of their homes.

Gone are the days when customers were unaware of their insurance needs and confused with innumerable jargon and endless paperwork. With just a few clicks, our marketplace platform matches you with a range of quotes from Canada’s top insurance providers. Life Simpli lets you complete the insurance application process from start to finish in a matter of minutes. We hope to be well-received”, said Karan Jain, CEO & Founder at Life Simpli.

Focused on complete transparency, automation and personalization, Life Simpli will initially be available in Ontario and eventually roll out services to the rest of the country.

About Life Simpli

Headquartered in Oakville, Ontario, Life Simpli aims at removing the complication and frustration from the process of buying life insurance and critical illness insurance by providing a quick, simple and hassle-free experience through their innovative and intuitive insurance marketplace that is available across devices. For more information, visit lifesimpli.com.

Source: Life Simpli

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What is no medical life insurance

Canada Life launches customizable term insurance product to maximize fit and flexibility

Winnipeg, MB (Apr. 5, 2021) – Canada Life is pleased to announce it has launched Canada Life My Term™ life insurance – a new customizable term product that allows customers to pick the exact term length they want, between five and 50 years, to suit their unique needs.

“Gone are the days when customers have to pick a term product based on a pre-set time period,” said Paul Orlander, Executive Vice-President, Individual Customer, Canada Life, noting plans can be assigned any length between five and 50 years, up to age 85. “With today’s announcement, we are offering our customers exactly what they need to fit their unique life situation.”

Canada Life My Term™ provides:

  • Flexibility to modify existing coverage, including converting coverage to a permanent life insurance policy or extending coverage on a yearly basis without additional underwriting;
  • Affordable premiums that are fixed and guaranteed not to change for the term of years selected; and
  • Customizable coverage with optional benefits, such as accidental death benefit and disability waiver of premium benefit.

“We designed Canada Life My Term™ with our customers in mind – because it’s important they get affordable coverage for as long as they need it,” said Orlander. “Unique and innovative solutions for customers means that if their needs change, their policy can change with them. Whether its short-term coverage for a car loan debt or long-term coverage for mortgage protection, customers can work with their advisors to determine the solution that’s best for them.”

Canada Life My Term™ replaces the previous Simply Preferred stand-alone term 10, term 20, term 30 and term-to-age-65 products.

For more information, visit canadalife.com/insurance.

About The Canada Life Assurance Company

Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.

On January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life, and today, we proudly serve more than 12 million customer relationships from coast to coast to coast. For more information, visit www.canadalife.com.

Source: Canada Life

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