Canada Life introduces a customizable term insurance product to maximize fit and flexibility

“Gone are the days when customers had to select a term product based on a preset time period,” he said Paul Orlander, Executive Vice-President, Individual Customer, Canada Life, plans are of any length between five and 50 years old up to the age of 85. “With today’s announcement we are offering our customers exactly what they need for their unique life situation.”

Canada Life My Term ™ offers:

  • Flexibility in changing existing coverage, including converting coverage to permanent life insurance or renewing coverage annually without additional underwriting;
  • Affordable premiums that are fixed and guaranteed not to change for the duration of the selected years; and
  • Customizable coverage with optional benefits such as accidental death benefits and disability waiver of premium benefits.

“We created Canada Life My Term ™ for our customers – because it’s important they get affordable coverage for as long as they need it,” said Orlander. “Unique and innovative solutions for customers mean their policies can change as their needs change. Whether it is short-term coverage for a car loan debt or long-term coverage for mortgage protection, customers can work with their advisors to determine the solution that is best for you. ”

Canada Life My Term ™ replaces the previous standalone products Simply Preferred Term 10, Term 20, Term 30 and Term-to-Age-65.

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About the Canada Life Assurance Company
Canada Life is a leading insurance, asset management and benefits provider focused on improving the financial, physical and mental wellbeing of Canadians. Individuals, families and business owners have been represented around the world for more than 170 years Canada I trusted us to provide sound guidance and keep the promises we made.

On January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life. Today we proudly serve more than 12 million coast to coast customer relationships.

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SOURCE Canada Life

For more information: Liz Kulyk, AVP, Media Relations & Public Affairs, Canada Life, 204-391-8515, [email protected]

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