No medical questions for Guaranteed Life Protect product

Empire Life VP explains why those unable to get traditional life insurance can benefit from new convenient policy

No medical questions for Guaranteed Life Protect product

Empire Life Insurance Company has targeted people who have been refused traditional life insurance with the launch of its new Guaranteed Life Protect.

The guaranteed issue life insurance product provides lifetime coverage with no health or lifestyle questions asked, offers coverage of up to $50,000, age dependent, and also provides features normally associated with fully underwritten coverage such as cash surrender value, reduced paid-up values and guaranteed level premiums.

Mike Stocks, vice president and chief marketing officer, retail told LHP that Guaranteed Life Protect offers previously excluded clients with a convenient and speedy process online or with an advisor.

He said: “There’s a group of consumers in Canada who can’t get coverage via traditional life insurance and what’s great about guaranteed Life Protect is you are guaranteed to get coverage as long as you are a resident of Canada. There are no medical questions for this.”

Typically, this coverage is for smaller amounts and usually used for final protection coverage. Stocks said Empire Life didn’t have a product like this on its shelf and that it also represents an opportunity for people who may not qualify for traditional life insurance because of health conditions.

He said: “We have a fantastic advisor-assisted tool called the Fast and Full life application process. It makes that process even faster, so somebody could essentially get coverage in less than 10 minutes if they were working with an advisor because there are no health questions.

“You just have to indicate whether you are a Canadian resident or not and through our Fast and Full application process, you can make a payment online with a credit card, send the document electronically and download the policy all on the same day.”

Stocks said as well as the convenience factor, the main differentiator from competitors is that the face amount offered for ages 40-50 is $50,000, while most other carriers offer only $25,000 for that age range. If you are aged 51 or above, the maximum coverage is $25,000.

Empire also has an age where the policy is paid up (94) whereas most rival policies require the customer to pay for it until death.

Stocks said: “While we know it will be attractive to consumers looking to cover final expenses who may have been turned down for coverage in the past, we believe Guaranteed Life Protect will also appeal to consumers who value convenience and speed.”

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