Toronto-based Canada Protection Plan Inc. (CPP) has changed the qualification parameters on its simplified issue life insurance products to enable clients with certain health problems to get more coverage.
CPP, which specializes in life insurance for clients who are difficult to insure, has announced changes to the eligibility criteria on its suite of no medical and simplified issue products. The products provide coverage for clients with serious conditions such as diabetes, cancer, epilepsy and Parkinson’s disease, and are typically underwritten on the basis of a few medical questions.
Under the changes, clients who have had non-aggressive cancers such as thyroid cancer, bone cancer, liver cancer, bladder cancer, kidney cancer or colon cancer can now qualify for up to $500,000 in coverage in cases in which it has been more than one year since all treatment has been completed and clients are deemed to be in remission.
In addition, clients aged 55 or older who have had coronary artery disease, such as heart attack, bypass surgery or stent insertion, can qualify for up to $500,000 in coverage in cases in which it has been more than two years since they’ve been diagnosed, received treatment or had surgery.
Clients with multiple sclerosis can also now qualify for coverage up to $500,000, with a better rate class.
CPP also announced that cigar smokers will now be classified as non-smokers, as well as marijuana users who light up to four times a week.
The changes will result in “the ability to cover more health conditions,” as well as “lower rates and higher coverage amounts,” says Michael Aziz, senior vice president of sales at CPP, in a statement.
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