Canada Protection Plan has launched its new no-medical life insurance offering known as Express Elite Term.

Available for Canadians and newcomers with a work permit, the new product can be availed in 15 minutes or less by applying either through a smartphone or online.

The policy can be purchased by insureds aged between 18 and 60 years. The plan offers coverage of up to C$500,000 ($370,500) without applicant having to undergo any medical tests.

Commenting on the launch of the new offering, Canada Protection Plan chief distribution officer Michael Aziz said: “Our clients deserve to be rewarded for maintaining a well-balanced lifestyle.

“We developed Express Elite because we recognise that while life insurance is an important part of financial planning, time is in short supply for many Canadians.

“As consumer tastes change, we’re developing innovative insurance solutions that fit with the desire for a simple, fast, and convenient experience.”

Payments start in the second month on a monthly payment system.

Besides C$100,000 to C$500,000 in coverage, Express Elite provides 20-year and 30-year terms along with complimentary benefits such as emergency financial assistance programmes and scholarships.

The insurance plan can be renewed up to the age of 80 and convertible to age 70.

Express Elite is available through the company’s over 23,000 licensed advisers across Canada.