Individual Term Life Insurance from Goose

What is it? 

Term life insurance provides a lump sum tax free payment in the event of the death of the insured person. The policy owner should name in advance who is to receive this payment (the beneficiary) - this is done during the quote and purchase process. 

Why purchase Individual Term Life insurance vs Group Life insurance from Goose?

Goose’s Individual Term Life Insurance gives you the opportunity to purchase a higher amount of coverage; depending on your age, you may be eligible for up to $1 million in life insurance (compared to the maximum coverage limit of $100,000 under our Group plan). It’s important to have enough life insurance to cover debts and replace income. The monthly premiums for the Individual Term Plan are guaranteed for the duration of the policy - they do not increase and coverage is not able to be cancelled by the insurance company. Terms are available from 10-25 years in 5-year increments, depending on your age. The Group Term Insurance premiums are not guaranteed and increase as you age.

Who is eligible to buy it?

Canadian residents aged 59 and under may purchase an Individual Term policy from Goose. The length of the term available will vary based on your age. Providing you qualify for the coverage when you buy it, the coverage remains in force even if you move out of the country, as long as premiums continue to be paid.

What is the process to get a quote?

Download the free Goose app on your smartphone, complete your profile by entering a few key pieces of info about yourself, and select 'Life Insurance' to get started. Answer the questions there all the way to the end to choose your coverage options and receive your quote. This can usually be done in less than 5 minutes. 

If I get a complete quote, will I still have to get blood tests to finalize the policy?

Absolutely not. There are a series of questions regarding your health status and history to see if you're eligible, but no blood tests or medicals will ever be required. 

Do I have to call to speak with a licensed agent, or can it all be done in the app?

You can complete the entire process in the app (it's usually faster and easier this way). You can also call us to speak with a Licensed Agent during our office hours (Monday to Friday, from 6am to 6pm PST). Once you complete your purchase in the app, your policy documents get emailed to you immediately, and will remain visible in the 'My Policies' section of the Goose app. You will have 30 days to review the policy and wordings, and can cancel within that period for a full refund if you decide it’s not for you.

Who underwrites this insurance?

Teachers Life underwrites this insurance product. They have been a part of Ontario’s insurance and education communities since 1939. Their assets are well above regulatory reserve requirements, providing excellent financial stability. More info about them can be found here.

Goose is a newer company - what guarantees do we have that this policy will do what it promises to do?

Assuris is an organization that protects Canadian policyholders in the event that their life insurance company should fail. It provides coverage for life insurance policies and guarantees that policyholders will retain up to $200,000 or 85% of the promised death benefit, whichever is higher. Life insurance companies are regulated for solvency by the federal government through the Office of the Superintendent of Financial Institutions (OSFI), and the Autorité des marchés financiers in Quebec. Goose and its agents maintain appropriate provincial licensing for each of the products we offer.

Can we pay for the entire year at once, instead of monthly payments?

Great idea and we'd love to be able to do this! Unfortunately, we can't accept lump sum payments at this time. Monthly recurring payments with your credit card are required.

How is this different from permanent insurance (Whole Life or Universal)?

The biggest difference is that term insurance expires at the end of the term you select, whereas permanent insurance remains in force as long as you pay the premiums. Another difference is that term insurance is more affordable than permanent insurance and does not have any investment component. 

Goose’s questionnaire asks about travel plans, sports and activities - I don't engage in hazardous sports activities now, but what if I start in the future?

In the questionnaire to determine eligibility, there are lifestyle questions to determine the risk to the insurance company. Once your policy is issued, unless you've committed fraud or given a material misstatement, your policy cannot be changed or cancelled by the insurance company if your health or lifestyle changes down the road. 

Why does Goose care about my Family Health history?

Our family history plays a role in underwriting life insurance policies. With Goose, our family history question asks if 2 or more of your immediate family members have been diagnosed with the SAME condition prior to age 60.  Many other policies decline or ask more questions if only one or more have been diagnosed with a serious illness, making Goose Individual Term Insurance easier to qualify for.

 What if I get routine tests done?  Can I answer “no” to the questions?

Routine tests such as a mammogram, PSA, blood tests that come back negative (meaning you are free and clear) mean you can answer “no” to the testing question in the Goose Individual Term Insurance questionnaire.  If you are awaiting results, please do not apply for this life insurance - you can try again after the results come back with a negative result.

Can I see the policy wordings before purchasing?

Absolutely! You can see the wordings here.

Bottom Line

Unfortunately none of us can predict our expiry date, but we can protect our family from the “what if” by purchasing life insurance. The younger you are, the cheaper life insurance is - so don’t delay!

Still have questions?

While the app is available 24/7, our office hours are Monday to Friday, from 6am to 6pm PST. You can reach a licensed agent during these hours by calling 1-888-374-6673.