HALIFAX, April 14, 2003 – The cost of a term life insurance policy with Maritime Life dropped across the board for all consumers with the release of its newest life insurance offering, Term Life Solutions.
Over the 20 rate classes, consumers could see a rate decrease of up to 24 per cent. For example, a 40-year-old male, non-smoker, purchasing a $500,000 10-year term policy, would see a rate decrease of over 9.5 per cent.
“We’ve significantly improved our term rates to make them more competitive in all of our target markets,” explains Linda Li, product manager, Life Products. “Our Preferred and Standard rates make term life insurance very affordable for the Canadian consumer.”
“In addition, Maritime Life made other changes to our Term Life Series and Universal Solutions products to make it easier than ever for advisors to do business with us,” says Li. “Changes such as moving to age nearest birthday for all coverages and slight modifications to our preferred underwriting criteria, such as a reduction in maximum weight and inclusion of internal cancer in medical history. We’ve also enhanced the software available to insurance advisors to include several new sales concepts.”
Term life insurance provides basic insurance coverage for a specific period of time. It’s a cost-effective and simple way to help protect financial interests and estate needs. Most term insurance products have the flexibility to adapt to long-term goals or even convert to a permanent life insurance solution. Term Life Solutions includes term insurance policies for the duration of five, 10, 15 and 20 years
About Maritime Life
Founded in 1922, Maritime Life is one of Canada’s fastest growing financial services companies, offering financial security through a selection of personal insurance, disability and critical illness insurance, investment products, pensions, and group life and health products and services. Based in Halifax, Nova Scotia, Maritime Life provides benefits to over two million Canadian families through offices in Halifax, Montreal, Toronto, Kitchener, Calgary and Vancouver.
Maritime Life is one of only three companies to be included four consecutive years in the Globe and Mail’s Report on Business magazine ranking of “The 50 Best Companies to Work for in Canada.” As a subsidiary of Boston-based John Hancock Financial Services, Inc. (NYSE:JHF), Maritime Life comes from a tradition of strength and stability. John Hancock Financial Services, Inc. is a leading financial services company, providing a broad array of insurance and investment products and services to retail and institutional customers. As of Dec. 31, 2002, Hancock and its subsidiaries had total assets under management of $127.6 billion U.S.
For more information, please visit our website at www.maritimelife.ca.