Blue Cross Life Insurance Company of Canada (Blue Cross Life) has launched a new fully underwritten term life and critical illness insurance product.
Leveraging technology from PolicyMe, the new offering streamlines the traditionally lengthy and complex insurance process into a digital-first, user-friendly method that customers can complete in minutes – without paperwork and potentially without the need for a medical exam.
Additionally, lower premiums further enhance accessibility, eliminating many of the usual hurdles in securing life insurance.
Tim Mawhinney, president and chief executive of Blue Cross Life, noted: “Our new offering is designed to address the key pain points that have historically discouraged Canadians from purchasing individual life insurance.
“By offering an easy-to-use, fully online platform, Canadians can now get a personalized quote in seconds and complete the entire process in just three simple steps.”
The insurance plan suits both new customers and those seeking to enhance existing coverage. Key aspects include rates that average 10% lower than typical market offerings in Canada and flexible coverage options, with term lengths of up to 30 years and limits reaching up to $5 million for term life and $1 million for critical illness.
“Families deserve better options when it comes to life insurance, and we’re excited to provide a solution that meets their needs at a lower price,” Mawhinney added. “By cutting out inefficient steps and automating the underwriting process, Blue Cross Life passes on savings directly to consumers.”
Meanwhile, Blue Cross Life has invested $15 million in equity financing to boost PolicyMe’s technological advancements.
“This investment is a key component of our shared strategy to deliver a modern, digital-first approach to life insurance,” Mawhinney declared. “We’re thrilled to be part of PolicyMe’s journey and to collaborate towards providing Canadians with simpler and more affordable life insurance solutions.”
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