Ontario-based FaithLife Financial has revamped its value proposition and its products to expand its reach following feedback from advisors and its members.
“Knowing that we wanted to continue to grow and create a bigger impact across Canada, we took that feedback and we’ve changed our pricing and products,” said Duane Zappitelli, vice president, Sales and Distribution at FaithLife Financial.
Zappitelli said the Lutheran-based fraternal benefits society now provides term-to-100 and whole life products and has added benefits and riders to coincide with those of other companies.
All products have been repriced, with enhanced underwriting requirements, allowing members to purchase a maximum of $1 million of coverage up to age 45 with limited requirements for fluids.
New target markets
One of its new target markets, he said, is the 25-45 age group, two demographics that believe in the culture of giving back to their communities, a sentiment that is in line with the company’s ethos.
It is also targeting new Canadians who may not yet be citizens but are nevertheless contributing to the Canadian economy, said Zappitelli.
On average, said the company, 43 per cent of Canadians don’t have any life insurance, and only 16 per cent do have insurance that will cover their remaining mortgage payments when they die. However, he said people are now reassessing their lifestyles and their lives and what they feel is important.
Like other insurance companies, when the pandemic hit, many upgraded their technology as they realized life insurance was becoming an increasingly important asset. FaithLife has followed suit and is working with other companies to build out the technology part of the business.
Zappitelli said the Waterloo-based company has 60 people in its main office, 60 career advisors from British Columbia to Ontario and about 400 brokers.