It is now even easier to ensure your family has a safety net, should something unfortunate occur. Touted as the “first fully digital insurance solution”, Invisor Financial Inc. announced recently that their life insurance policies are now available for purchase online.
The product, called Invisor TermLife, is available for residents of Manitoba and Ontario, and provides coverage for up to a half million dollars, for terms of ten to forty years. Medical tests are not mandatory.
“Invisor was founded on the principles of simplifying the buying process for Canadians, and providing them with great products at affordable prices,” notes Dan Poole, co-founder and chief operating officer at Invisor. Toronto-based non profit, Teachers Life Insurance Society, has underwritten the policies.
Reports say that this announcement could disrupt the $4.3 trillion in life insurance coverage currently held by Canadians.
Markham-based Karl Marshall, Financial Services broker of Marmac Financial Services Limited, says that consumers should do their homework before any online transaction.
“My thoughts are that the ability to purchase any product online does create added convenience for the public,” he says.
However, a caveat: Some services, he warns, such as legal advice, medical advice and insurance, are best purchased with the help of a human being.
A client’s current and future goals need to be taken into consideration when it comes to life insurance, he cautions – and an experienced person in the field would know how to navigate this.
“It is someone who can ask the right questions, to make sure that the policy is suitable for your current needs, and flexible enough to meet future needs,” he notes.
“In the age of simplified and guaranteed issue non-medical policies – which can be problematic when there is a claim, if mistakes are made at the inception of coverage – it makes sense to speak with a licensed broker, who can walk you through the process, and ensure that the policy pays out in the event of a claim.”
Meanwhile, there are other advantages to the “personal touch”.
“Many consumers don’t understand that life insurance is an excellent tax planning tool, and can be used to tax shelter corporate retained earnings, and in some cases transfer those funds upon death to beneficiaries, tax free,” Marshall explains.
“Rising debt levels with the current housing market also make the need for reviewing and purchasing adequate life insurance imperative for homeowners.”