07:43:33 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



Co-operators General Insurance Company
Symbol CCS
Shares Issued 4,000,000
Close 2018-04-24 C$ 23.05
Market Cap C$ 92,200,000
Recent Sedar Documents

Co-operators Group offers Term Life 1 insurance

2018-04-24 07:48 ET - News Release

Mr. Alec Blundell reports

THE CO-OPERATORS AMONG THE FIRST TO OFFER ONLINE SELF-SERVE TERM LIFE INSURANCE

Co-operators General Insurance Company's owner, The Co-operators Group Ltd., has introduced Term Life 1, a new term life insurance option that can be purchased directly on-line, offering clients greater choice in the method they choose to purchase a term life product.

"Industry data shows that Gen X and Y Canadians have the greatest need for life insurance* but are underinsured. They are time and cost-conscious, busy with young families, and are straddled with personal and work commitments. They don't have time to meet with an adviser," explains Alec Blundell, vice-president of individual life insurance, The Co-operators. "These clients are looking for an easy on-line solution and they want choice in how and when they interact with us. Creating Term Life 1 provides an on-line self-serve solution, which is tailored to those who need it most and in the way that's most convenient for them. This is just one of the many ways we're helping provide financial security to Canadians in an increasingly digital world."

Term Life 1 is simple to understand, quote and purchase through a quick on-line process. Unlike traditional term life products that renew every 10, 15 or 25 years, Term Life 1 has annual renewal terms, similar to a home or auto policy. This ensures premiums are affordable and the annual premium increases are guaranteed and disclosed at the time of purchase. The on-line buying process can be completed in minutes, from the comfort of home or on the go with a smart phone or tablet, and does not require additional medical tests or telephone interviews.

The on-line process is easy. Individuals can get a life insurance quote at the company's website by entering their birthdate, gender, smoking status and their desired coverage amount. If the individual is 18 to 45 years old and seeking coverage of $50,000 to $450,000, a quote will appear for Term Life 1 and they can immediately apply on-line, or choose to contact an adviser. If they select the company's on-line self-serve option, a simple and automated step-by-step process will walk the client through their application -- entering personal information, identifying beneficiaries, and answering 12 mandatory health and lifestyle questions. Most clients, if they're eligible for Term Life 1, will complete the process in a few minutes with coverage in place.

If the client has a question at any point, they can call or e-mail a dedicated client support team or use the in-app help features.

Once issued, the client is e-mailed the life policy. From there, they have the choice of interacting with The Co-operators in person, over the phone or on-line for any future needs -- providing a seamless experience.

Increasing on-line functionality

The Co-operators is committed to providing clients access to the same suite of products and services in person, on the phone or on-line. This has led to the addition of several new on-line features. Clients can view their policies, access their auto liability (pink) slips, review policy documents, and start/track auto and home claims -- all through their personalized on-line services account.

About The Co-operators Group Ltd.

The Co-operators Group is a Canadian co-operative with more than $41-billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.

* Canadian Billion Dollar Baby Re-visited, LIMRA, 2014.

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