Canada Life adds a new customizable term product

Canada Life adds a new customizable term product

April 2021

Canada Life today launched Canada Life My Term™ life insurance – a new customizable term product that allows customers to pick the exact term length they want, between five and 50 years, to suit their unique needs. Gone are the days when customers have to pick a term product based on a pre-set time period.

Key highlights:
✓   Flexible term lengths – between five and 50 years.
✓   Yearly renewable term structure – as a new feature, coverage for the Canada Life My Term product will renew yearly at end of the initial term period. Premiums in the renewal period will see a gradual yearly increase until expiry at the policy anniversary nearest the life insured’s age 85.
✓   Customization – customize your clients’ coverage with optional benefits.
✓   Convertibility options – convert to longer term or permanent policy without new evidence (within limits).

A new product module has been added to the Novinsoft/Canada Life Illustration System.

The Canada Life My Term™ replaces the previous Simply Preferred stand-alone term 10, term 20, term 30 and term-to-age-65 products.

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