Equitable Life of Canada has a new critical illness plan, called Living Protection.
Available to people age 18 to 65, Living Protection provides a lump sum payment if the insured person is diagnosed with one of the four illnesses: heart attack, stroke, cancer, and heart disease requiring coronary artery bypass surgery.
“Those illnesses account for 89% of the critical illness claims in the industry,” says Michael Dawe, senior vice president, Individual, at Equitable Life.
It’s a simple issue product, so no medical exam is required. Premiums are also guaranteed.
Living Protection is suited to people who want a smaller amount of insurance to cover additional expenses incurred because of their illnesses.