Waterloo, Ont.-based Equitable Life of Canada has launched a new simple issue critical illness (CI) insurance product, aimed at clients looking for smaller amounts of coverage.
The insurer announced this week that the new product, called Living Protection, is now available through insurance advisors.
Living Protection provides a lump sum payment if the policyholder is diagnosed with one of the four most common illnesses facing Canadians today: heart attack, stroke, cancer, and heart disease requiring coronary artery bypass surgery. It is geared towards clients who want a smaller amount of insurance to cover additional expenses incurred because of their illness.
“Living Protection focuses on four illnesses, those illnesses account for 89% of the critical illness claims in the industry,” says Michael Dawe, senior vice president, individual at Equitable Life.
The product is available to clients age 18 to 65, and coverage ranges from $10,000 to $50,000. Because it’s a simple issue product, underwriting is based on several health questions, and no medical exam is required. In most cases, the product can be issued within two days.
“The easy electronic application means that policies can be issued in two days, a fraction of the time it takes for traditional products,” adds Dawe.
The product is more cost effective than traditional CI products, according to Equitable Life, and the premiums are guaranteed.
Equitable Life’s traditional critical illness (CI) product, EquiLiving, covers 25 conditions, and provides coverage of up to $2 million. With the introduction of the new product, the minimum face amount for adults who purchase EquiLiving is increasing from $25,000 to $50,000 for all plan types.