Sun Life of Canada is updating its underwriting approach to enable more clients aged under 40 to gain quicker access to life insurance.
The Canadian insurer revealed its new underwriting process could mean clients aged 18-40 may qualify for up to $5m (£2.9m) in life insurance coverage without laboratory exams. Previously, this age group was limited to $2m.
Sun Life said the change meant up to 76% of its clients may not need lab exams to apply for life insurance.
Commenting on the insurer’s move, Norm Leblond, VP and chief underwriter and claims risk officer at Sun Life, said: “Our goal is to create an insurance experience that is simple, fast and worry-free for all Canadians.
“By using advanced analytics, we’re able to identify whether clients need lab exams for their life insurance applications. The result is a less invasive experience for clients, minimising appointments and tests.
“We are proud to lead the industry and help Canadians access the protection they need,” Leblond added.
