Teachers Life breaks new ground with life insurance offering
On September 25, Teachers Life launched their online product portfolio using services from Acceptiv.
Teachers Life, a Canadian Fraternal Benefit Society with a 75-year history, focuses on providing insurance to the education community. Their new product portfolio, designed by Acceptiv, is a simple term product available as any term from 10 years to 30 years, up to age 70, and sums assured of up to $500,000. This product is fully underwritten and as such is very competitive in the Canadian market.
Purchasing insurance from Teachers Life is straightforward; customers can select a desired sum assured or premium, then answer underwriting questions online. If they are not sure the system also features a simple-to-use needs analysis calculator.
Teachers Life is the first company in North America to sell life insurance exclusively online. A bold step for them, but one that I believe will be the start of a trend. Other life insurers currently selling online either sell simplified issue products, with a significantly inflated premium, or complete the majority of their business with manual processes.
Consultant
10 年Sounds like a great idea Kelvin! Not your first one! Congrats and hope this turns into a great success!
President at Canterbury Consulting, LLC
10 年Kevin- congrats! Great step forward for middle market to purchase insurance easily, quickly, and in a way they'll be comfortable doing it - online.
Principal and Executive Consultant at Jennings Consulting Ltd
10 年Kevin, a brilliant step toward a more consumer focused life insurance purchasing process for North Amercians. The middle market consumer has been demanding this type of solution for many years - click to quote, apply and purchase online is long overdue. Please keep us all posted on your progress.
CEO at Viaticus Canada Inc.
10 年Kevin, congratulations in getting the ball rolling. Just curious if you have to be a teacher to apply for this insurance, and if you do, whether the teachers are in general a better risk or does it depend where and who they teach?