Industrial Alliance Insurance and Financial Services recently launched a new version of Transition, its critical illness an insurance product. The revision offers clients an earlier return of premiums, a new lifetime coverage option with a premium refund beginning on the contract’s 10th anniversary, and a medical assistance service.

“The improvements made to this increasingly popular product will allow our insureds to face the possibility of a critical illness with even greater confidence, both from a financial and a medical standpoint,” said Denis Ricard, assistant vice president, marketing, Industrial Alliance.

“There are two reasons behind Transition’s success: it offers insureds solid protection in case of serious illnesses such as cardiac disease, cancer, stroke, multiple sclerosis and other critical illnesses, and also offers the possibility of a premium refund if the client so wishes,” he added.

Transition now offers greater flexibility in terms of premium reimbursement at contract maturity. Insureds with term to 75 coverage can now benefit from a new premium reimbursement option. At age 65, insureds become eligible for a reimbursement of 75% of all premiums paid under their contract (valid for contracts with a minimum of 10 years of coverage after issue). This percentage grows progressively to 100% by age 75.

Industrial Alliance has also added the Transition T100 option. This option provides insureds with lifetime coverage and an automatic refund of premiums after a specified period. The premium refund can be applied as of the contract’s 10th anniversary, regardless of the insured’s age, at a rate of 75% of the total amount paid. This percentage increases by 5% each year, reaching 100% of paid-up premiums in the contract’s 15th year.

The new version of Transition also gives clients access to the Best Doctors medical assistance service. This service provides insureds who have been diagnosed with a critical illness with information on state of the art treatments and health care. The service also gives insureds access to a pool of leading specialists who are recognized as experts by their peers in their respective fields.