New product suite provides access to affordable life insurance for Canadians
Waterloo, ON (Nov. 24, 2021) – In the life insurance industry, evolution is critical to ensure the industry is responsive to changes in the global economy, demographic shifts, and consumer demand. Given how quickly our world is changing, the need for organizational flexibility is key to offering competitive life insurance products and driving company growth and profitability.
At FaithLife Financial, our evolution has extended beyond our product offerings. In an effort to expand our relevance and impact, we have redefined our company mission and vision, enhanced our underwriting requirements to provide access to more Canadians, and overhauled our products to expand our reach in the marketplace. Our goal is to provide affordable life insurance to as many Canadians as possible to ensure that their standards of living are sustained in the event of unexpected loss due to death. Working with like-minded advisors, we have an opportunity to fulfill growing customer needs while continuing to evolve our suite of products.
In order to diversify our client base and better position our advisors for success, FaithLife Financial has developed four new, customizable products, including a bereavement counselling benefit for beneficiaries of the insured. We have also created an additional deposit option that allows our members to put more money into their life insurance policies, which will continue to grow the value of their policy, tax-free.
Members are now able to purchase coverage of up to $1 million with minimal requirements for fluids up to the age of 45 in an effort to expedite the application process. In addition, FaithLife Financial has changed our underwriting requirements to allow new Canadians to apply for life insurance before they have become landed immigrants. We believe these changes represent a more modernized approach to life insurance and will help to solidify our footprint in the Canadian life insurance market.
While these new products represent significant advancements for FaithLife Financial, they are just the beginning of what we hope will be a more fundamental transformation for both advisors and members. This includes designing life insurance solutions for various life stages to increase flexibility in product coverage and payment.
While the FaithLife Financial team has been laser-focused on our evolution, we remain steadfast in our commitment to community engagement and philanthropy. Since 1972, the company and its members have donated $55 million to support individuals and communities all over the world, supporting a range of initiatives including tackling food insecurity, affordable housing, and homelessness, as well as supporting indigenous populations. As part of our redefined mission and vision, it is important that the advisors and members we work with share our commitment to living generously and helping our communities thrive.
For more information on FaithLife Financial’s revamped product line, please visit www.faithlifefinancial.com.
About FaithLife Financial
FaithLife Financial is a member-based organization that provides insurance and investment solutions to more than 33,000 members across Canada. The company manages assets of $396 million, and has $3.2 billion of in-force insurance as of December 31, 2020. FaithLife Financial is committed to supporting members and their communities by re-investing a portion of its earnings through community outreach, direct donations, and unique member benefits. Its mission is to protect the financial well-being of its members and inspire them to live generously. For more information, visit www.faithlifefinancial.com.
SOURCE: FaithLife FinancialTags: launch, Life Insurance