Equitable Life of Canada has introduced a whole life insurance product called Final Protection.
It’s available to people between the ages of 40 and 80, and provides up to $50,000 of lifetime coverage. Eligibility is based on a few simple health questions and no medical exam is required.
The company says an additional benefit will be paid if the policyholder’s death is accidental.
“Many Canadians [want] 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 of Individual Life and Health at Equitable Life.
This new product includes guaranteed level premiums, death benefits and cash values. A reduced policy fee is available if two lives are insured under the same policy.