After successfully launching Hypomat online mortgages and Kontomat online savings products, the Glarner Kantonalbank (GLKB) is now offering term life insurance online via Risikomat.
The GLKB’s online term life insurance service is made possible by a partnership with Elipse Life, a subsidiary of Swiss Re based in Liechtenstein.
Available term life policies offer benefits of up to CHF 600,000 and can be cancelled annually. The new online platform provides easy accessibility of term life insurance in Switzerland.
Applicants must answer a number of health-related questions in order to be accepted as customers. These include questions about weight and height which are used to calculate body mass.
The lowest annual premium available is 250 francs. The premium structure of Risikomat is unique because, in contrast to other life insurers, premiums begin low (for the first year) and then go up remarkably year on year.
Premiums for long-term coverage are often quite a bit higher than those charged by competitors, and only the amounts due for the first three annual premiums are pre-defined. After the first three years, premiums may be subject to change.
This new offer from GLKB confirms two longstanding trends: the diminishing divide between the banking and life insurance branches, and the increasing digitalization in the way financial products are distributed.