Canada Life has launched Canada Life My Term life insurance. The new term product is customizable in that it enables customers to pick the exact term length they want, between five and 50 years.
"Gone are the days when customers have to pick a term product based on a pre-set time period," stated Paul Orlander, Executive Vice-President, Individual Customer, Canada Life in an April 5 annnouncement. "With today's announcement, we are offering our customers exactly what they need to fit their unique life situation."
The insurer highlights that the new product also offers flexibility to modify existing coverage, including converting coverage to a permanent life insurance policy or extending coverage on a yearly basis without additional underwriting; affordable premiums that are fixed and guaranteed not to change for the term of years selected; and customizable coverage with optional benefits, such as accidental death benefit and disability waiver of premium benefit.
"We designed Canada Life My Term™ with our customers in mind – because it's important they get affordable coverage for as long as they need it," said Orlander. "Unique and innovative solutions for customers means that if their needs change, their policy can change with them. Whether its 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 new product replaces the previous Simply Preferred stand-alone term 10, term 20, term 30 and term-to-age-65 products.