Canada-based insurtech provides up to $300,000 in coverage with no medical testing or interviews
Goose Insurance Services has announced that its individual term life insurance plans will now be available to consumers in the United States through a self-serve mobile app.
The number of Americans who have life insurance plans has decreased dramatically during the previous ten years. According to a 2021 report by LIMRA, 52% of Americans said they had life insurance in 2021, down from 63% in 2011.
Goose simplifies the process of buying life insurance by removing traditional barriers to entry, allowing more Americans to swiftly obtain protection for themselves and their family.
According to LIMRA, over 102 million uninsured or underinsured Americans are aware that they need to obtain or improve life insurance coverage, and 42% of households would experience financial difficulties within six months if a wage earner died unexpectedly. Furthermore, 48% of Americans stated they would be more likely to buy life insurance if the process were easier.
This was especially true for women, who stated they would get life insurance if it was quick and easy and didn't require them to see a doctor or take a medical test.
“It is shocking to know that close to half of Americans are unprotected and have no financial security in place for their families should they unexpectedly die,” said Dejan Mirkovic, Goose CEO and Co-Founder. “The insurance industry has long needed solutions to make it easier for consumers to buy life insurance policies … Now it takes minutes for Americans to answer some medical questions, select their coverage, and get their policy approved.”
Read more: How can you use life insurance to grow and protect wealth?
Consumers must answer questions about their age, height, weight, lifestyle, and cigarette use, as well as verify their identity using government-issued identification, to obtain coverage through the Goose app.
They are then given the option of choosing their coverage amount and term duration, as well as the number of years their life insurance premium will be guaranteed. Goose app users can also take a needs assessment quiz about their income and obligations, which helps estimate how much coverage is required.
“Goose is making industry-changing strides to make life insurance available to a broader consumer base in an easy to use and accessible mobile app,” Darren Hancock, Vice President of Marketing Sales of the American-Amicable Group. “We are extremely excited to be partnering with such an innovative and consumer-centric team.”
The Goose mobile app now offers 30-year term life insurance products with coverage up to $300,000.
Occidental Life Insurance Company of North Carolina, a part of American-Amicable Group, underwrites Goose term life insurance products for US customers.
