Maritime Life has dropped the cost of a term life insurance policy for all consumers with the release of its newest life insurance offering, Term Life Solutions.

Over the 20 rate classes, consumers could see a rate decrease of up to 24%. For example, a 40-year-old male, non-smoker, purchasing a $500,000 10-year term policy, would see a rate decrease of over 9.5%.

“We’ve significantly improved our term rates to make them more competitive in all of our target markets,” explained Linda Li, product manager, Life Products. “Our Preferred and Standard rates make term life insurance very affordable for the Canadian consumer.”

“In addition, Maritime Life made other changes to our Term Life Series and Universal Solutions products to make it easier than ever for advisors to do business with us,” said Li. “Changes such as moving to age nearest birthday for all coverages and slight modifications to our preferred underwriting criteria, such as a reduction in maximum weight and inclusion of internal cancer in medical history. We’ve also enhanced the software available to insurance advisors to include several new sales concepts.”