Teachers Life rolls out new life insurance products, platform

Teachers Life rolls out new life insurance products, platform | Insurance Business Canada

Insurance News

Teachers Life rolls out new life insurance products, platform

It also secured its first distribution partner

Insurance News

By
Grant Funtila

Teachers Life has announced the launch of its new digital-first SmartLife product lineup, alongside an instant issuance platform. The white-label solution offers simplified term life insurance products, powered by an award-winning digital insurance platform.

Ontario Teachers Insurance Plan (OTIP) has been secured as the first distribution partner for this innovative SmartLife platform.

The SmartLife product lineup offers a range of term life coverage options, both renewable and non-renewable, with terms of 10, 15, 20, 25, and 100 years.

Customers can choose coverage amounts up to $1 million. The platform also features a seamless medical underwriting process for applications requiring additional medical information.

Distribution partners like OTIP can utilize either a self-serve or agent-assisted application process, ensuring that customers have access to the coverage options that best meet their individual needs and preferences.

“Teachers Life is offering a turnkey term life insurance distribution solution to make it easy for OTIP and other insurers to expand and modernize their insurance offerings without the risks associated with unproven partners,” said Kayte Fredrickson, president and CEO of Teachers Life.

“With more than 85 years of industry experience and reliability, Teachers Life is an easy choice for partners that want to get to market quickly with a proven, digital-first term life insurance solution.”

OTIP is owned by Ontario’s four education affiliates (AEFO, ETFO, OECTA and OSSTF/FEESO). It is a coverage provider for education employees in the province.

OTIP CEO Vic Medland said: “Adding the SmartLife product lineup and instant issuance platform from Teachers Life reflects our commitment at OTIP to delivering an outstanding insurance and service experience to the dedicated members of Ontario’s education community.

“Providing our members with simplified, digital-first term life products backed by Teachers Life enables us to confidently offer members more choice, convenience, and affordable life insurance options.”

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