Kingston, Ont.-based Empire Life Insurance Co. has launched a new critical illness (CI) insurance product that provides protection against the four most prevalent CI conditions in Canada at a more affordable rate than comprehensive CI coverage.
The company announced on Wednesday the addition of Empire Life CI Protect to its product portfolio. The product provides a simpler and cheaper alternative to its Vital Link CI product, which covers 23 critical conditions.
“With an aging population, the possibility of being diagnosed with a critical illness is a reality that many more Canadians will face in the next decade,” said Sean Kilburn, senior vice president, retail with Empire Life, in a statement. “We’ve designed a new product that provides affordable coverage of the four most prevalent conditions in Canada, which account for 88% of all paid critical illness claims.”
The four conditions covered by the policy are cancer, heart attack, stroke and coronary artery bypass surgery. CI Protect provides a lump sum benefit if the insured is diagnosed with one of the four conditions, upon claims approval.
The guaranteed 10-year renewable term product provides coverage ranging from $25,000 to $75,000, to clients aged 18 to 65, with coverage expiring at age 75.
By comparison, Vital Link provides coverage up to $2 million, with three coverage options for clients: 10-year renewable term; level term to age 75; and level to age 100.
The CI Protect product is underwritten with the same questions that are used for life insurance underwriting. Applications can be completed via Empire Life’s Fast & Full electronic application process.
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