The Co-operators among the first to offer online self-serve term life insurance
Apr 24, 2018
GUELPH, ON, April 24, 2018 /CNW/ - The Co-operators today introduced Term Life 1, a new term life insurance option that can be purchased directly online, offering clients greater choice in the method they choose to purchase a term life product.
"Industry data shows that Gen X and Y Canadians have the greatest need for life insurancei but are underinsured. They are time and cost-conscious, busy with young families and are straddled with personal and work commitments. They don't have time to meet with an advisor," explains Alec Blundell, vice president of Individual Life Insurance, The Co-operators. "These clients are looking for an easy online solution and they want choice in how and when they interact with us. Creating Term Life 1 provides an online self-serve solution, which is tailored to those who need it most and in the way that's most convenient for them. This is just one of the many ways we're helping provide financial security to Canadians in an increasingly digital world."
Term Life 1 is simple to understand, quote and purchase through a quick online process. Unlike traditional term life products that renew every 10, 15 or 25 years, Term Life 1 has annual renewal terms, similar to a home or auto policy. This ensures premiums are affordable and the annual premium increases are guaranteed and disclosed at the time of purchase. The online buying process can be completed in minutes, from the comfort of home or on the go with a smartphone or tablet, and does not require additional medical tests or telephone interviews.
The online process is easy. Individuals can get a life insurance quote at www.cooperators.ca by entering their birthdate, gender, smoking status and their desired coverage amount. If the individual is 18 to 45 years old and seeking coverage of $50,000 to $450,000, a quote will appear for Term Life 1 and they can immediately apply online, or choose to contact an Advisor. If they select our online self-serve option, a simple and automated step-by-step process will walk the client through their application – entering personal information, identifying beneficiaries, and answering 12 mandatory health and lifestyle questions. Most clients, if they're eligible for Term Life 1, will complete the process in a few minutes with coverage in place.
If the client has a question at any point, they can call or email a dedicated client support team or use the in-app help features.
Once issued, the client is emailed the life policy. From there, they have the choice of interacting with The Co-operators in-person, over the phone or online for any future needs – providing a seamless experience.
Increasing online functionality
The Co-operators is committed to providing clients access to the same suite of products and services in-person, on the phone or online. This has led to the addition of several new online features. Clients can view their policies, access their auto liability (pink) slips, review policy documents, and start/track auto and home claims – all through their personalized Online Services account.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $41 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.
The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
i Canadian Billion Dollar Baby Re-visited, LIMRA, 2014
SOURCE The Co-operators
For further information: Leonard Sharman, Sr. Corporate Communications Consultant, The Co-operators, 519-767-3937Leonard_Sharman@cooperators.ca