The Co-operators Group Ltd., based in Guelph, Ont., has launched a term life insurance product that clients can purchase online, as part of an effort to make life insurance more accessible to younger Canadians, the company announced on Tuesday.
“Industry data shows that Gen X and Y Canadians have the greatest need for life insurance but are underinsured…they don’t have time to meet with an advisor,” said Alec Blundell, vice president of individual life insurance at The Co-operators, in a statement. “These clients are looking for an easy online solution and they want choice in how and when they interact with us.”
The new product, called Term Life 1, is a yearly renewable term product, with annual premium increases that are disclosed at the time of purchase. The product is available to clients between the ages of 18 and 45, and coverage ranges from $50,000 to $450,000.
The online buying process can be completed in minutes, using a computer, smartphone or tablet. Clients can get a quote by entering their birthdate, gender, smoking status and desired coverage amount, and they can immediately apply online, or choose to contact an advisor.
The application includes 12 health and lifestyle questions, with no requirement for medical tests or telephone interviews. Most clients who select the online self-serve option can complete the process and have their coverage in place within a few minutes, according to The Co-operators.
Once the life insurance policy is issued, it is emailed to the client.