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Press Release November 2021

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:

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.

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.

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.