Value – Quality – Simplicity – Ease of Purchase
These are some of the criteria that motivate people to buy. Insurance companies recognize this and are changing the way they do business. It is fair to say that all Canadian Life Insurance companies offer a quality product. So, then how do you choose?
The “Value” statement can be different for different situations. Cheapest isn’t always the best value. Competitive pricing, adaptable products, included benefits, and future options can all add value to an insurance policy.
“Simplicity” to me means no complications or surprises during the application process.
“Ease of Purchase” is the biggest change in the industry. Many life insurance companies have relaxed their underwriting requirements (fewer medical tests and questions). Some (Humania and Industrial Alliance) are using computer algorithms in the application process, in some cases eliminating the need for a human to approve the application. Online applications are becoming the norm. This can result in an application being approved immediately or within days, instead of weeks. Digital signatures have replaced pen and paper. Empire Life now offers the client an electronic copy of the policy, instead of paper.
Here are the 5 Canadian Life Insurance companies that I feel are doing the best job, based on the above criteria. This industry is rapidly changing, and this list is only my opinion, based on the experiences I have had with the various insurers to date.
- Assumption Life
- Canada Protection Plan
- Western Life
- Empire Life