April 24, 2018 10:30
Photo : Freepik
The Co-operators has launched a term Life 1, a option of term life insurance that can be completely purchased online. The product has periods of renewal are annual, similar to home insurance policies and auto. This would help keep premiums affordable and that increases in annual premiums are guaranteed, says the insurer.
The process does not take more than a few minutes to perform and does not require medical examinations or telephone interviews, additional. A questionnaire of 12 questions on health and lifestyle determines the eligibility of customers to the online subscription. The product is available to people aged between 18 and 45 years of age and the protection is between $ 50,000 and $450,000.
A customer under-insured
«The data from the sector indicate that the Canadian generation X and generation Y are those who have the most need life insurance, but they are under-insured. They are concerned about time and costs, their young family keeps them very busy and they must comply with many personal and professional commitments. They do not have the time to meet with an advisor, » says Alec Blundell, vice-president, individual life insurance at the Co-operators.
Other insurers have created online platforms where clients and advisers can make the subscription fully online. In particular, Sun Life Financial has launched Go to Sun Life, on which consumers can buy three life insurance products online last August.
For its part, iA financial Group offers its products Access Life on its platform, EVO, online since may of 2017, on which the electronic signature is permitted.