Goose launches Canada’s first term life insurance policies that can be purchased via a mobile app in response, with instant coverage in less than five minutes, for up to $1 million
Goose Insurance Services, an innovative insurance technology company that is making it easier and faster for consumers to get the coverage they need through a self-serve mobile app, announces the launch of individual term life insurance policies that can be acquired instantly with no medical exams through the Goose app. Goose Insurance Services conducted a survey of Canadians earlier this month to identify what is preventing people from buying life insurance policies. While online searches during the pandemic for life insurance and term life insurance increased 30.4% and 47.8% respectively from 2019 to 2021, the Goose survey found that 52% of Canadians still do not have life insurance.
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The majority of Canadians without life insurance are males between the ages of 25-44 who are also the sole income earner for their household. Compounding the risks of not having insurance, 34% of those surveyed also said they have debt or mortgage payments they will have to make in 2022. The most common reasons people cited for not having a life insurance policy included not knowing much about life insurance, the belief that it was too expensive, hard to get coverage, and an arduous process.
“The numbers prove that the insurance industry needs to do a better job of educating consumers and providing them with purchasing solutions that correlate with modern digital lifestyles,” said Goose CEO and Co-Founder Dejan Mirkovic. “The pandemic has made people more aware of the need to protect their loved ones and their well-being, but younger generations do not have the information they need and the ease of access to purchase life insurance policies to protect themselves and their families. Goose is committed to helping consumers understand life insurance and it’s why we are making it easier than ever for consumers to get term life policies. Getting life insurance today is as easy as ordering food or coffee on your phone, and they’ll both be delivered same-day within minutes.”
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Via the Goose mobile app, consumers can now purchase up to $1 million in term life insurance for up to a 25-year term. There are no medical exams, no need to visit a doctor or have blood drawn, and coverage is issued in less than five minutes. All consumers have to do to qualify is answer a few questions, select their coverage option and instantly know their assets and family are better protected. Term life insurance is the affordable way to provide tax-free money for final expenses, funeral costs, pay off outstanding debts, and more. Goose life insurance policies also serve as mortgage insurance and are an affordable way to replace the income of a family member.
“The ability for Canadians to access affordable life insurance instantly and in a frictionless way has always been a challenge for the insurance industry,” said Doug Baker, President and CEO of Teachers Life. “When it comes to protecting health and life, consumers are used to shopping online for the products they need, and services are expected to be provided on-demand today. We are extremely excited to be partnering with Goose to offer term life insurance through an easy to access, easy to use mobile app that makes insurance easy to buy and protects Canadians instantly, so they do not feel like they are inhibited from obtaining life insurance due to the challenges of access.”
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