FaithLife Financial Announces Full New Suite of Life Insurance Products
Meeting the diverse needs of Canadians and protecting financial
futures now more than ever
WATERLOO, ON | November 15, 2021 — Today, FaithLife Financial,
one of Canada’s only member-based insurance providers, is pleased to announce
the launch of its latest range of life insurance products – providing flexible,
customized, and affordable coverage for individuals at all stages of life,
including newcomers to Canada.
The new suite of products provides
coverage for members with diverse and changing needs. Designed to be accessible
to more Canadians than ever, FaithLife Financial is evolving to address the
calls for increased flexibility and support at a time when members need it
most.
“We recognize the economic and
financial shift taking place in Canada as a result of COVID-19, and it is
critical that our products align with Canada’s diverse demographics,” says
Duane Zappitelli, Vice President, Sales and Distribution.
“Our advisors told us our products needed to evolve with the evolving needs of
our clients – and we have delivered. Expanding our services to more Canadians
allows us to continue our mission of generosity and community engagement, while
protecting the financial futures of our members.”
FaithLife Financial’s newly designed
suite of products include:
FaithLife Term Insurance: Provides three coverage options (term
10, term 20, and term 30), allowing members to choose one or a combination of
all three to meet their unique protection needs.
FaithLife Whole Life and 20-Pay Whole
Life: Provides members with the
opportunity to earn policyholder dividends, with a new additional deposit
option that gives members the flexibility to grow the value of their policy
through accelerated contributions to these products.
FaithLife Term to 100: Redesigned to meet the needs of
members looking to cover final expenses.
FaithLife Financial also took this
opportunity to redesign all of the additional optional benefits available with
their products. For example, the new child term benefit is guaranteed-paid-up
in 20 years, and conversion opportunities have been expanded.
All products have been repriced, with
enhanced underwriting requirements, allowing members to purchase a maximum of
$1,000,000 of coverage up to age 45 with limited requirements for fluids.
FaithLife Financial has also improved its ability to meet the needs of newcomers
to Canada by expanding eligibility.
This redesign is a critical step for
FaithLife Financial, as the company continues to evolve and innovate its
products with the goal of expanding its footprint in the Canadian market.
FaithLife Financial is on a mission to protect the financial well-being of its members, while inspiring them to live generously. For more about FaithLife Financial, visit https://www.faithlifefinancial.ca
FaithLife Financial is a member-based organization that provides insurance and
investment solutions to more than 33,000 members across Canada. The company
manages assets of $396 million, and has $3.2 billion of in-force insurance as
of December 31, 2020.
FaithLife Financial is committed to supporting members and their communities by
re-investing a portion of its earnings through community outreach, direct
donations, and unique member benefits. Its mission is to protect the financial
well-being of its members and inspire them to live generously.