Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) on Monday announce the launch of a critical illness (CI) insurance product designed for a younger clientele with a quick application process and affordable rates.

The new product, TRANSITION – 4 illnesses, covers the four most common critical illnesses and the benefit can be used to replace lost income or pay back a mortgage loan, iA Financial says in its announcement.

With the improved enrolment process, applicants are only required to answer eight simple medical questions. “Electronic signature is authorized and in many cases, enrolment is instantaneous, meaning the client is covered immediately, thus making advisors’ work easier,” IA says.

The insurer has also made improvements to its Transition – 25 illnesses CI insurance product, including the addition of 25-year term insurance and flexible premium repayment options giving the client access to liquidity as early as the fifth year, as well as a reduction of rates for all term coverage. It also features a quick application process.

“We are very pleased to be able to offer critical illness insurance products that are flexible and affordable, as well as being quick and easy to apply for,” says Pierre Vincent, senior vice president, individual onsurance and sales.

In addition, clients who choose TRANSITION or TRANSITION – 4 illnesses will benefit, at no additional cost, from a medical second opinion service offered by MediGuide, a world leader in the field, IA says.