National Bank Insurance has teamed up with Canadian insurtech Breathe Life to provide consumers with the ability to buy a new term life insurance product online – even from their smartphones.

The new product features an integrated single-session quote creation and application process for up to $30,000 coverage in the event of a critical illness diagnosis and up to $750,000 coverage eligibility.

“For us, it's fundamental to empower clients to choose how and when to purchase insurance, in a secure and effortless way, said Peter D. Thompson, senior vice president, insurance and president of National Bank Insurance. “And for clients who want support in the process, our seasoned team of agents is only a phone call away to provide guidance and advice."

Untapped segment

Ian Jeffrey, co-founder and CEO of Breathe Life, said the life and health insurance area is a relatively untapped financial segment, especially in the online space.

“This partnership is the first of many more to come and we're already looking ahead to introduce new breakthrough solutions in the coming months,” said Jeffrey.

Term-life insurance applications can be completed entirely online in a few minutes using a smartphone. In a statement, the bank said since its online launch, 70% of traffic and purchases originate from mobile devices, ensuring engagement with a new generation of online insurance clients.

Clients can schedule an appointment with an agent at any time, even after completing applications or after policy purchase. A fully licensed agent is always available to provide advice and answers as needed.