Canada Life is opening up a continuum of choice for term life insurance seekers with its new customizable term product.
With Canada Life’s My Term life insurance, customers are able to pick any term length between five and 50 years, up to age 85, based on their unique needs.
“Gone are the days when customers have to pick a term product based on a pre-set time period,” said Paul Orlander, executive vice president, Individual Customer, Canada Life. “With today's announcement, we are offering our customers exactly what they need to fit their unique life situation.”
My Term gives policyholders the flexibility to modify their existing coverage, including converting to a permanent life insurance policy or extending coverage on an annual basis without additional underwriting.
It also promises affordable premiums that are fixed for the term of years selected, as well as the ability to customize coverage with options such as accidental death benefit, disability waiver of premiums benefit, and other riders.
“Unique and innovative solutions for customers means that if their needs change, their policy can change with them,” Orlander said. “Whether it’s short-term coverage for a car loan debt or long-term coverage for mortgage protection, customers can work with their advisors to determine the solution that's best for them.”
The My Term product replaces Canada Life’s previous lineup of Simply Preferred stand-alone term 10, term 20, term 30, and term-to-age-65 products.