Empire Life introduces changes to make it simple, fast and easy for Canadians to buy life insurance for children – Canada NewsWire
KINGSTON, ON, Feb. 10, 2022 /CNW/ – The Empire Life Insurance Company (“Empire Life”) has made it faster and easier for consumers to apply for life insurance coverage for their children and grandchildren by introducing a simpler application process with fewer medical questions and a higher probability for automatic approvals.
“The pandemic has put a spotlight on life insurance. We’ve seen more parents and grandparents interested in buying life insurance policies for children, but we heard in the past that getting coverage for children was not always as easy as it could be,” says Mike Stocks, Vice-President and Chief Marketing Officer, Retail for Empire Life.
In theory, buying life insurance for a child should be easy and straightforward since children are young and generally have few of the risk factors that life insurance companies consider when assessing people for coverage. But the industry has typically approached insuring children the same way as adults.
To achieve a new “juvenile experience” for its customers, the company reduced the number of questions and amount of information collected on their applications by as much as two-thirds. “For instance, in the past, if a child reported they had asthma, they might have to answer up to 20 related questions. Now, it’s a maximum of 10 questions,” says Mr. Stocks. Other sections of the application have been simplified using language more applicable to a child’s circumstances.
The company expects that most policies for children will now be approved instantly through its electronic Fast & Full Life Application process. “Most policies on children now should be approved automatically without the need to involve an underwriter,” Mr. Stocks believes. “Whether the customer is meeting their life insurance advisor in person or online, they should have a better experience.”
About Empire Life:
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products. The company’s mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income, and achieve financial security. As of September 30, 2021, Empire Life had total assets under management of $19 billion. Follow us on social media @EmpireLife or visit empire.ca for more information.
SOURCE The Empire Life Insurance Company
For further information: Paul Woodall, Director, Digital Solutions, Phone: 1 877 548-1881, ext. 4270, Email: [email protected]
