Sun Life Canada announced June 14 that, effective immediately, clients between 18 and 40 years of age applying for life insurance are eligible for significantly increased coverage amounts without lab tests. 

The company says clients between 18 and 40 may qualify for up to $5-million in life insurance coverage without lab exams. Previously, this age group was limited to $2-million. Sun Life estimates that 76 per cent of clients may not need lab exams to apply for life insurance under its new underwriting rules.

Calling it an industry first, Sun Life says predictive models have helped the company identify risks that previously required health tests. “As younger Canadians place more value on securing their future, Sun Life is proud to offer greater flexibility on coverage limits to create a seamless insurance application experience,” the company said in a statement announcing the changes.

Sun Life’s chief underwriter and claims risk officer, vice president Norm Leblond says the company is transforming its underwriting processes with the help of data and analytics. “Our goal is to create an insurance experience that is simple, fast and worry-free,” he says. “By using advanced analytics we’re able to identify whether clients need lab exams for their life insurance applications.”