Goose Insurance, an app-based provider of life insurance, has teamed up with one of Canada’s largest insurers to offer accessible and affordable coverage for Canadian smartphone users under 69 years old.
“Goose is tackling the accessibility and affordability of insurance, and addressing the underserved market,” said Goose Insurance President Dejan Mirkovic.
Accessibility and affordability were the top barriers to buying life insurance cited in a recent survey of over 1,000 Canadians conducted by the company. Among young Canadians aged 25 to 35, more than 50% said they didn’t know where to buy it from, and more than 70% said it was too complicated.
Goose found fewer than 5% had critical illness insurance or cancer insurance. The majority of respondents also held the mistaken belief that Canada’s healthcare system covers all costs associated with cancer treatment or any other life-threatening illness. Female respondents were grossly underinsured, with more than 70% saying they’ve never purchased life or critical illness insurance.
Citing statistics from the Canadian Medical Association Journal, Goose said nearly half of Canadians will face a cancer diagnosis within their lifetime; in 2020 along, CMAJ estimates place the number of cancer diagnoses at 225,000, with a cancer death toll of 83,000.
The financial risks that come with potential out-of-pocket medical expenses are also severe for many Canadians, the company added, pointing to the 176.9% household debt ratio reported by Statistics Canada.
“We're offering reasonable coverage limits at affordable prices, and the ability to buy policies in minutes without medical exams or the need to speak to an agent; all on the Goose app,” Mirkovic said.
In line with this, Goose has announced a partnership with Industrial Alliance Financial Group. Through the Goose mobile app, Canadians under 69 years old may answer a few questions and get up to $50,000 of life insurance for as low as $5 a month. Monthly premiums are determined based on age, gender, and smoking status.
“We are very excited to be partnering with Goose Insurance in offering voluntary products on a revolutionary digital platform,” said Ed Bender, National VP, Special Markets Solutions at iA Financial Group. “This will allow the user to have an easy to understand, seamless and instant application experience. The future is now.”