The Co-operators and Hunter McCorquodale have launched Acceptional Life, a life insurance product aimed at Canadians who want substantial amounts of coverage but who have been unable to obtain it due to their medical or lifestyle history.

The two companies announced the launch of the fully-underwritten life product on May 26, and say that it aims to fill a significant gap in the Canadian marketplace. They note that about 10% of all life applications are declined every year because of an applicant's medical or lifestyle history. Although some of these clients may be able to purchase a limited amount of insurance, they note that many are unable to obtain an adequate amount of coverage.

Non-renewable, non-convertible term life policy

The non-renewable, non-convertible term life insurance policy offers face amounts from a minimum of $300,000 to a maximum of $10,000,000, and the companies point out that it is the first insurance coverage in Canada to use medical exclusions. Quotes may be obtained via the Acceptional Life website, and it will also be available through Hunter McCorquodale's independent advisors, benefit consultants, and national account distributors as well as from Co-operators advisors.

The product includes a suicide exclusion clause that runs the term of the policy; Quebec's civil code, however, forbids insurers from excluding suicide for more than two years after issue. As a result, Acceptional Life is not being made available in the province. In an interview with our sister publication Le Journal de l'assurance, Co-operators spokesman Leonard Sharman indicated that the insurer is working on finding a solution so that the product may be distributed in Quebec.