First of its kind life product to cover hard-to-insure clients

New concept will use medical exclusions to cover previously hard-to-insure applicants

First of its kind life product to cover hard-to-insure clients
by Penelope Graham

Up to 10 per cent of all life policy applicants are denied due to their medical or lifestyle histories – a market niche The Co-operators and Hunter McCorquodale are looking to fill with a first-of-its-kind coverage.

The new policy, coined Acceptional Life, will be fully underwritten by The Cooperators Life Insurance Company and will target applicants who cannot qualify for a traditional life policy. In addition to several unique features, the product will feature medical exclusions – the first to do so in Canada.

Kathy Bardswick, president and CEO of The Co-operators, says medical advances and new treatments mean many patients are living longer, healthier lives with conditions that would have previously disqualified them from coverage.

“For the first time, many Canadians who have been turned down for life insurance will be able to purchase coverage and enjoy the peace of mind that comes with knowing they have adequate insurance to protect their loved ones,” she stated.

The product, which is non-renewable and non-convertible, comes with a minimum policy of $300,000, up to a maximum of $10 million.

It will be available across Canada excluding Quebec. Quotes can be obtained directly from the Acceptional Life website, as well as via Hunter McCorquodale’s independent advisor, benefits consultant and national account distributors.

“There has long been a need for an innovative new approach to expand the range of options available to advisors to help their hard-to-insure clients,” said Ken Hunter, managing director of Hunter McCorquodale.  “We are delighted to partner with the Co-operators to bring this new solution to the market.”