The new life insurance products from SSQ Insurance are 100% electronic; require no medical examination and can be issued within one hour or less
Headquarters of SSQ Financial Group in Quebec. (Credit: Wikipedia.org/MeloKeBeK.)
Canadian insurer SSQ Insurance has announced the launch of three new simplified and guaranteed life insurance products, which provide coverage to customers within 60 minutes of applying.
The three life insurance products offer coverage for the most common needs of customers including Simplified Term Life, Simplified Whole Life and Guaranteed Issue Whole Life.
The Simplified Term Life product can be purchased by customers who want a temporary coverage between 10 and 20 years. The policy can be bought by people between the ages of 18 and 70. The coverage amount is up to CAD500,000 ($369,781). For this product, fewer questions are asked, no medical exam is needed and the customer is insured within 60 minutes or less.
The Simplified Whole Life is for those who want whole life insurance coverage. With coverage of up to CAD249,999 ($184,889), the policy can be bought by people within the ages of 18 and 80. The product offers reduced paid-up coverage as of the sixth year. No medical exam is needed to buy the product.
The Guaranteed Issue Whole Life offers insurance of up to CAD50,000 ($36,978). It is suited for those who have been declined traditional whole life insurance. It can be purchased within the ages of 18 and 80 but is more suitable for older clients who find it difficult to buy insurance.
The insurer further stated that no medical exam is needed to buy these products. Being 100% electronic, the life insurance products are claimed to stand out from the crowd by the speed at which they can be issued.
Using a secure electronic application and e-signature and by emailing the digital contract to customers, an advisor can sell the insurance products remotely.
The new life insurance products are in line with customers’ most common needs
SSQ Insurance strategy and product management senior vice-president Éric Trudel said: “The launch of these products is part of our strategy to continually innovate our digital offering in line with market needs.
“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.”
Earlier this month, La Capitale Insurance and Financial Services and SSQ Insurance announced that their merger had received approval from the National Assembly of Quebec and had adopted the two private bills needed to create the largest insurance mutual in the country.
Once this step is completed, the new company could come into existence from next month.