SSQ Insurance unveils simplified life products
SSQ Insurance is joining the fast-growing trend of digital life insurance issuance with three new simplified life insurance products.
“The launch of these products is part of our strategy to continually innovate our digital offering in line with market needs,” Éric Trudel, senior vice-president for Strategy and Product Management, SSQ Insurance, said in a statement.
The three new products, which the insurer said will allow customers to apply for and get coverage in under 60 minutes, include:
- Simplified Term Life – offered with 10- or 20-year terms and a maximum insurance amount of $500,000;
- Simplified Whole Life – comes with a maximum insurance amount of $249,999; and
- Guaranteed Issue Whole Life – comes with a maximum coverage amount of $50,000
Aside from requiring no medical exam, the new life insurance products are offered through a paperless process. Advisors can sell the products remotely via a secure electronic application and e-signature, with the ability to send digital contact details to customers.
The Simplified Term Life and Simplified Whole Life products also come with an extreme disability benefit, through which 50% of the initial insurance amount may be payable in advance up to a maximum amount of $250,000. The benefit is paid to an insured person who, before the age of 60, has gone through a state of extreme disability for an uninterrupted period of six months.
Policyholders of the Simplified Term Life products have the option to renew their insurance every five years after the initial term, up to age 80. They may also convert into simplified permanent life insurance before they age of 71 without having to present evidence of insurability.
“In a competitive environment where insurers are quickly going digital, we want to make our advisors’ work easier by providing them with products that are simple, quick and that ensure peace of mind,” Trudel said.
Read the original article at https://www.lifehealthpro.ca/rss/