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Sun Life Financial Inc. has relaxed its underwriting requirements for life insurance and increased its non-medical coverage limit by $5 million for Canadians aged 40 or under.
Sun Life released that the new underwriting rules will mean that about three quarters of clients won't need to submit lab tests in order to apply for life insurance. Canadians between 18 and 40 years old had previously been covered up to $2 million without any medical examinations. This is great news for new applicants.
Many insurers relaxed underwriting requirements in order to provide higher life insurance coverage without requiring vitals or fluids. best life insurance prices had a limit of $1 million before the pandemic, which is changing due to covid 19.
Insurers can now offer higher limits for non medical underwriting through advanced data analysis and artificial intelligence. Insurers have had difficulty selling products to younger customers who are more comfortable shopping online.
Sun Life released Monday's release stating that predictive models helped it identify potential risks that would have previously required health testing.
“Our goal is to create an insurance experience that is simple, fast and worry-free for all Canadians,” said Norm Leblond, vice-president, chief underwriter and claims risk officer with Sun Life, in a statement. “By using advanced analytics, we’re able to identify whether clients need lab exams for their life insurance applications.”
For new applicants sun life insurance has become a front runner. It is worth noting other insurance companies will want to stay competitive. Which begs the question.
Here's my website: https://tipservices.ca/
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