(December 6 – 14:10 ET) – Industrial Alliance Insurance and Financial Services has launched a brand new critical illness product called “Transition”.

The policy is available to individuals aged 0 to 65, and guarantees the payment of a lump sum ranging from $10,000 to $1,000,000. This amount is paid 30 days after the insured is diagnosed with one of the medical conditions covered under the contract, such as cancer, heart attack, cystic fibrosis, Alzheimer’s Disease.

The amounts paid under the policy are tax free and can be used without any restrictions to pay down debts to:

  • enable the spouse or the parents to take a leave without pay in order to stay home with the person suffering from the illness;
  • cover medical expenses abroad; obtain home nursing care;
  • adapt the home to the insured’s medical condition; or
  • purchase specialized equipment.

In addition to families, the product is also aimed at individuals, business owners, self-employed workers and business executives.

Industrial Alliance is the only insurance company to offer individual critical illness coverage for children. This is the only coverage of its kind on the market, also guaranteeing a lump sum payment starting at $10,000.

Industrial Alliance offers parents the option to insure their children through the “Transition Child Rider”, which is an option under the parents’ base policy. This supplemental coverage provides protection for all the children in the family under the age of 21 (including all future children) for an amount ranging from $2,000 to $20,000. Both the individual coverage and the “Transition Child Rider” provide parents with the financial means to stop working temporarily so they can focus completely on their child’s recovery.

Industrial Alliance says it guarantees that all premiums paid from the initiation of coverage will be refunded, at no additional charge, if the insured dies while the “Transition coverage” is still in force. In addition, if no benefits have been paid by the time the insured turns 75 and the Premium Refund option was selected, the company will also refund, upon maturity, all premiums paid since the policy was issued.

This new critical illness coverage is distributed Canada-wide through representatives of Industrial Alliance and IA “Pacific” Life.