Blue Cross Life reimagines life insurance with fast, affordable, digital solution

MONCTON, NB, October 28, 2024 – Blue Cross Life Insurance Company of Canada (Blue Cross Life) is transforming the life insurance landscape with the launch of a new fully underwritten Term Life and Critical Illness Insurance offering. This groundbreaking product simplifies the traditionally complex and time-consuming process of securing life insurance. It leverages leading and tested technology from PolicyMe, a digital life insurance innovator. The result is a digital-first process that can be completed in as little as 20 minutes. With no paperwork, the possibility of no medical exams, and lower premiums, this solution is designed to remove the common barriers that make life insurance difficult to access.

“Our new offering is designed to address the key pain points that have historically discouraged Canadians from purchasing individual life insurance,” said Tim Mawhinney, President & CEO of Blue Cross Life. “By offering an easy-to-use, fully online platform, Canadians can now get a personalized quote in seconds and complete the entire process in just three simple steps.”

Whether you’re securing new coverage or enhancing your current plan, customers can obtain financial security knowing their families are supported and protected during life’s most sensitive moments.

In addition to ease of use, Blue Cross Life’s Term Life and Critical Illness Insurance offers several key benefits:

• Affordable Pricing: By cutting out inefficiencies in the traditional application process, Blue Cross Life’s Term Life Insurance offers market-leading rates that are on average 10 per cent more affordable than existing offerings in Canada.
  

• Flexible Coverage Options: Blue Cross Life offers customizable coverage durations, allowing you to choose term lengths up to 30 years. You can secure up to $5 million in Term Life Insurance and up to $1 million in Critical Illness Insurance, tailored to your needs.
  

• Innovative Technology: By digitizing the underwriting process, PolicyMe’s platform reduces inefficiencies, and its advanced algorithms ensure accuraterisk assessments—helping to lower premiums while maintaining comprehensive coverage, tailored to individuals’ circumstances and needs.
  

• Trusted Coverage: Combining Blue Cross Life’s established and trusted name with PolicyMe’s cutting-edge technology, customers are assured of receiving high-quality protection with simplicity and ease. This seamless experience also offers optional access to licensed professionals, delivering personalized guidance to ensure everyone receives the right coverage tailored to their unique needs.
  

“Families deserve better options when it comes to life insurance, and we’re excited to provide a solution that meets their needs at a lower price,” said Tim Mawhinney.“By cutting out inefficient steps and automating the underwriting process, Blue Cross Life passes on savings directly to consumers.”

In support of this collaboration, Blue Cross Life has provided $15 million in equity financing to accelerate the ongoing development of PolicyMe’s leading technology. “This investment is a key component of our shared strategy to deliver a modern, digital-first approach to life insurance,” added Mawhinney.

“We’re thrilled to be part of PolicyMe’s journey and to collaborate towards providing Canadians with simpler and more affordable life insurance solutions,” added Mawhinney. “Today’s generation expects to transact digitally, and Blue Cross Life’s fast, affordable digital solution is designed to meet that demand. Our direct-to-consumer approach makes it easier for Canadians to access the protection they need.”

Currently, over 30 per cent of Canadians face a life insurance coverage gap, leaving many families unprotected in the event of a loss of income. This collaboration and new offering is making insurance comprehensive, affordable, and more accessible to every Canadian, regardless of where they live in Canada.

At a time when health, wellbeing, and affordability are among the most pressing concerns for Canadians, this new insurance offering is here to work for Canadians—not the other way around. The products are now live and available Canada-wide, ensuring that everyone has access to the coverage they need.

About Blue Cross Life
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As one of Canada’s leading life insurers, Blue Cross Life takes great pride in being the most trusted brand by Canadian consumers, offering exceptional coverage tailored to protect them and their families. Blue Cross Life’s unwavering commitment to service and product excellence has earned it the title of Canada’s Most Respected Life Insurance Company for three consecutive years. Blue Cross Life provides a full suite of top-tier Individual and Group Life and Disability insurance options.
Learn more at: https://www.bluecross.ca/life

About PolicyMe

PolicyMe is transforming life and health insurance in Canada by making it simpler, faster, and more affordable for families. Through a digital-first platform, PolicyMe offers streamlined insurance options that reduce unnecessary steps and lower costs, often eliminating the need for medical exams. With a focus on transparency and innovation, PolicyMe is modernizing the insurance industry to make financial protection accessible to all Canadians.