Moncton, N.B.-based Assumption Life is expanding its simplified product line with brand new critical illness coverage called Critical Protection.
“This new product combines the best of both worlds. A simplified product that can also be fully underwritten,” said Jacques Pinet, Assumption Life vice president of business development, in a release.
“People can be approved immediately, with no medical exams, if they can answer ‘No’ to our simple questions. And even if the answer to one or more question is ‘Yes,’ the application can still be submitted.’ The request would then simply be processed by the underwriting team.”
He went on to say that the medical questions for Critical Protection are the same as those found on for other products on Assumption Life’s electronic sales platform, such as FlexTerm, FlexOptions and ParPlus, with two exceptions.
“Our brokers are familiar with these products. They can be explained simply and be easily understood, which is a big selling point for brokers. They know our medical questions and are comfortable with them, so why re-invent the wheel? I think it’s simply another example of our commitment to making it easy for brokers to grow their business with us.”
Critical Protection covers 16 critical illnesses. “An insured person who is diagnosed with one of the illnesses covered will receive the lump-sum benefit specified in their contract, which can run from $10,000 to $100,000” added Pinet.
Available as an individual policy or as a rider on another insured, Critical Protection is available for the following terms: T15 (for 18- to 60-year olds), T20 (for 18- to 55-year-olds), T25 (for 18- to 50-year-olds) and T75 (for 18- to 60-year-olds). The T15, T20 and T25 are renewable up to the age of 75. Premiums are guaranteed for the term of the contract.
Two optional riders, return of premiums upon death and flexible return of premiums, can also be added to this product.
Assumption Life is also launching a critical illness rider on three other products: FlexTerm, FlexOptions and ParPlus.