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Canada Life launches customizable term insurance product to maximize fit and flexibility

April 5, 2021

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Winnipeg, MB, April 5, 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,” said Paul Orlander, Executive Vice-President, Individual Customer, Canada Life, noting plans can be assigned any length between five and 50 years, up to age 85. “With today’s announcement, we are offering our customers exactly what they need to fit their unique life situation.”

Canada Life My Term™ provides:

  • Flexibility to modify existing coverage, including converting coverage to a permanent life insurance policy or extending coverage on a yearly basis without additional underwriting;
  • Affordable premiums that are fixed and guaranteed not to change for the term of years selected; and
  • Customizable coverage with optional benefits, such as accidental death benefit and disability waiver of premium benefit.

“We designed Canada Life My Term™ with our customers in mind – because it’s important they get affordable coverage for as long as they need it,” said Orlander. “Unique and innovative solutions for customers means that if their needs change, their policy can change with them. Whether its 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’s best for them.”

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

For more information, visit canadalife.com/insurance.

About The Canada Life Assurance Company

Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.

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

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For more information, contact:

Liz Kulyk
Assistant Vice-President, Media & Public Affairs
The Canada Life Assurance Company
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Media.Relations@canadalife.com

 

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