On 25 September 2014, Teachers Life launched their online product portfolio using services from Acceptiv.
Teachers Life, a Canadian Fraternal Benefit Society with a 75-year history, focuses on providing insurance to the education community. Their new product portfolio, designed by Acceptiv, is a simple term product available as any term from 10 years to 30 years, up to age 70, and sums assured of up to $500,000. This product is fully underwritten and as such is very competitive in the Canadian market.
Purchasing insurance from Teachers Life is straightforward; customers can select a desired sum assured or premium, then answer underwriting questions online. If they are not sure the system also features a simple-to-use needs analysis calculator.
Teachers Life is the first company in North America to sell life insurance exclusively online. A bold step for them, but one that I believe will be the start of a trend. Other life insurers currently selling online either sell simplified issue products, with a significantly inflated premium, or complete the majority of their business with manual processes.
