Member-based insurance provider expands offerings in recognition of Canadians' diverse and growing needs
FaithLife Financial, one of the only member-based insurance providers in Canada, is reaffirming its commitment to meet the needs of individuals at all stages of life with a new range of life insurance products.
Designed with accessibility in mind, the new suite of products provides coverage for members with diverse and changing needs.
"We recognize the economic and financial shift taking place in Canada as a result of COVID-19, and it is critical that our products align with Canada's diverse demographics," said Duane Zappitelli, vice president, Sales and Distribution at FaithLife. "Our advisors told us our products needed to evolve with the evolving needs of our clients – and we have delivered.”
The firm’s new suite of products include:
- FaithLife Term Insurance – with options for 10-, 20-, and 30-year coverage, it allows members to choose one or a combination of products to satisfy their distinct protection needs;
- FaithLife Whole Life and 20-Pay Whole Life – offers members the chance to earn policyholder dividends, as well as a new additional deposit option for members to grow their policy value through accelerated contributions; and
- FaithLife Term to 100 – Reimagined to address the needs of members who want to cover final expenses.
FaithLife Financial has also redesigned the additional optional benefits available with its products.
Its child term benefit is now guaranteed-paid-up in 20 years, and conversion opportunities have been enhanced. The firm has also refreshed all its products’ pricing and underwriting requirements, allowing members to purchase up to $1 million of coverage up to age 45 with limited fluid requirements.
The firm has also improved its ability to address the needs of new Canadians by expanding eligibility to its products.
“Expanding our services to more Canadians allows us to continue our mission of generosity and community engagement, while protecting the financial futures of our members," Zappitelli said.
