Waterloo, Ont.-based Equitable Life of Canada Monday announced today the introduction of Final Protection, a new simple issue whole life insurance product.
Available to people age 40 to 80, Final Protection provides up to $50,000 of lifetime coverage with eligibility based on just a few simple health questions. No medical exam is required. And an additional benefit will be paid if death is accidental.
“Many Canadians would like to provide a small amount of cash for their beneficiaries, but don’t want to go through the hassle of a medical exam,” says Michael Dawe, senior vice president, individual life and health at Equitable Life. “Final Protection fills that need.”
Level premiums, death benefit and cash values are all guaranteed with the new product. Plus there is a reduced policy fee if two lives are insured under the same policy.
“Final Protection is ideal for replacing group benefits at retirement; covering outstanding debts, medical bills and final expenses; or leaving a small inheritance to loved ones or a favourite charity,” adds Dawe. “And the easy electronic application means that policies can be issued in a fraction of the time it takes for traditional products.”
Final Protection is available on August 26 through insurance advisors.