Fraternal insurer, Teachers Life, became one of the latest to partner with a newcomer to the Canadian market when it formed a strategic partnership with Greenstone Financial Services, a provider of direct life and pet insurance in Australia and New Zealand. Together, the pair are offering a new final expenses insurance, aimed at Canadians over the age of 50 under a new brand, FiftyUp.
Available to those between 20 years of age and 80, the guaranteed acceptance product provides a lump sum between $3,000 and $25,000 to pay for final expenses. The benefit pays out three times the face value in the case of accidental death and those over 85 can choose to end their policies, receiving 75 per cent of the benefit amount. Premiums also remain level throughout, stopping entirely at age 90.
The company says this first manufacturing partnership with Greenstone is part of its strategic plan to grow in the future through partnerships. “By diversifying into new markets and entering into strategic partnerships such as Greenstone, Teachers Life will well positioned to continue to grow and invest in its members and communities,” the company states. The insurer’s president and CEO, Kayte Fredrickson continues, adding “we are delighted to partner with them as they enter the Canadian market.”
