Canada’s aging population is having a huge effect on individuals operating in the life insurance space with many prospective clients struggling to secure coverage. But, at the other end of the age scale, millennials are having just as big an impact in the space. The insurance industry is often stereotyped as being behind the times and slow to react to cultural movements, and the strategies being implemented by some traditional insurance carriers are not diminishing those preconceptions.
“Millennials lead busy, active lives and either don’t have the time or don’t want the inconvenience of meeting face-to-face,” says Michael Aziz, SVP of Sales at the Canada Protection Plan. “They still need and want the advice and guidance but they want to complete the sale remotely.”
In response to the changing consumer demands and expectations, Canada Protection Plan launched its e-application service which makes life insurance simple, easy to understand and easy to purchase. Unlike traditional firms, Canada Protection Plan does not require a doctor’s visit or a medical report for most plans and the quick approval process means clients can be covered in just a few days. Millennials want things done quickly and with ease, and this sort of application system seems to answer those demands.
“We can get a policy done in as little as 24 hours and we ensure that consumers are not poked, prodded or asked too many questions,” Aziz says. “With our new product, for example, you can get up to $500,000 of insurance coverage with no medical requirements; that’s revolutionary. Traditional carriers offer insurance to a large portion of the population but there’s also a large portion who can’t get that coverage. That’s where we come in.”
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Canada Protection Plan is the leading provider of No Medical & Simplified Issue Life Insurance in Canada. Our goal is simple – we want to make buying life insurance straightforward and easy to purchase. No matter your health, you can apply for affordable coverage fast. We offer coverage up to $500,000 on our No Medical & Simplified Issue Life Insurance plans. This means no medical exams and being able to get protected quickly. We also provide coverage up to $1 million – applying is quick and easy. And now, it’s $0 cost for your first month – applicable on monthly payment plans only.