Oakville, Ont.-based robo-advisor Invisor Financial Inc. is expanding its online financial services offerings to include life insurance, which can be purchased using an entirely digital process.
Invisor's insurance division, Invisor Insurance Services Inc., has partnered with Toronto-based Teachers Life Insurance Society (Fraternal) to introduce the new digital insurance platform.
Individuals can use the platform to buy term life insurance policies up to $500,000, with terms ranging from 10 years to 40 years.
The purchasing process can be completed entirely online, including a needs analysis to help clients determine the level of coverage they need and an underwriting questionnaire. Depending on the outcome of the questionnaire, clients could be approved instantly and invited to pay online. As soon as a payment is made, policy documents are sent via email, and the coverage takes effect immediately.
"It's a completely paperless, online experience," says Dan Poole, co-founder and chief operating officer with Invisor, adding that a licensed life insurance advisor is available for clients who require advice or assistance.
Invisor's insurance division also includes a traditional brokerage for clients who are seeking more comprehensive advice and a broader array of products, including permanent life insurance, disability insurance and critical illness insurance. The company is licensed for the sale of life and health insurance products in Ontario and Manitoba.
The new digital platform provides a new option for clients, Poole says: "Being a digital company, we wanted an online solution for insurance as well. It may not be for everybody, but it is an option that's out there."
Although many Canadians still prefer to purchase life insurance face-to-face, Poole says, there's a growing segment of consumers who are demanding the capability to make purchases online.
"We think it's only going to grow in the coming years as more and more offers are made available by the insurance companies and more online platforms appear," he says.
Invisor plans to eventually make more life insurance options available through the online platform, Poole says.
"We are working with a couple of other insurance companies," he notes, "to expand the products that we want to make available on our online product shelf."
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