Introduction
PensionCover is a subscription-based insurance platform dedicated to protecting Canadian retirees through affordable, customizable coverage. Our model focuses on delivering simplified life, health, and long-term care insurance plans designed specifically for individuals aged 60 and older. The goal is to offer peace of mind and financial resilience to seniors and their families through transparent, digitally managed policies.
Value to the Client
PensionCover provides clients with tailored protection that complements public benefits like CPP and OAS, helping to bridge common gaps in medical, home care, and final expense coverage. Our customers benefit from fixed monthly premiums, streamlined digital claims, and access to wellness resources and telemedicine. This significantly reduces financial uncertainty, especially for those on fixed incomes or with limited family support.
Target Audience
The core audience includes Canadian residents aged 60 to 80, both retired and semi-retired, living independently or in assisted settings. Secondary audiences include adult children seeking coverage solutions for aging parents, and financial planners looking to offer holistic retirement security to their clients. Uptake is highest in Ontario, Quebec, and British Columbia, where the senior population is growing steadily.
Distribution and Delivery Channels
• Online platform at pensioncover.ca offering quote tools and digital enrollment
• Partnerships with retirement communities, eldercare agencies, and family offices
• Referral programs via pharmacists, GPs, and senior support services
• Telephone-based enrollment for less tech-savvy users, with support in English and French
• Outreach through Facebook, seniors’ forums, and radio to reach clients offline
Revenue Sources
• Monthly Subscriptions: Plans starting from CA $29/month, with optional add-ons
• Annual Policy Bundles: Discounts for families managing coverage for multiple dependents
• Brokerage Commissions: Licensed agents receive standardized referral compensation
• Corporate Group Plans: Bulk policies for private retirement homes and union pension clubs
• Premium Add-Ons: Dental coverage, prescription subsidies, and wellness coaching services
Key Partners and Resources
• Underwriting partners including mid-size Canadian insurance carriers
• Telehealth and eldercare networks providing remote service access
• Provincial health compliance consultants ensuring adherence to FSRA and AMF standards
• Tech partners supporting digital signature, policy dashboards, and secure data exchange
• In-house resources include licensed advisors, claims specialists, and a bilingual support team
Cost Structure
• Claims and Underwriting Reserves – 38%
• Technology and Platform Maintenance – 20%
• Customer Acquisition and Partner Marketing – 19%
• Staff Salaries and Training – 13%
• Compliance, Legal, and Administrative – 10%
The average client lifetime value is CA $630, with a median policy retention of 22 months.
Scalability and Sustainability
PensionCover is designed for scalability across Canada’s aging population, with the ability to replicate models in provinces with unique healthcare provisions. Modular policy components allow for rapid product customization based on regional trends and client needs. Environmentally, the platform operates paperless and uses carbon-neutral servers. Socially, 5% of profits are allocated to subsidizing care for low-income seniors, reinforcing both community value and long-term sustainability.