Horizon Planning Group Inc. of Victoria, B.C.. has begun marketing a new living benefits product that is a hybrid of a comprehensive critical illness insurance plan and a long term care insurance policy.

Called LifeBeat, Horizon says it is the only insurance plan in Canada that offers the dual coverage of both acute and chronic conditions.

Before age 70, LifeBeat provides a lump sum, tax-free benefit 30 days after initial diagnosis for most of the covered conditions — regardless of severity, degree of disability or ability to work by the patient.

After age 70, Horizon says that LifeBeat is the only insurance product on the market today that converts automatically to long term care coverage, which consists of a guaranteed monthly income.

“It only takes one major illness to possibly completely erode a lifetime of savings. Traditional life and or disability insurance plans do not help when you are in need of immediate financial assistance to cover additional health related expenses,” said Kyle Dunn, CEO of Horizon Planning.

LifeBeat coverage is provided by AXA Assurances Inc., a member of the AXA Group.

The plan was developed in Canada by MEGACORP Insurance Agencies Inc., of Mississauga, Ont.

Richard Gilbert, president of MEGACORP, pioneered critical illness insurance in Canada by introducing “LifeCheque” in 1988. Gilbert has been successful in the development and designing of many other innovative insurance plans for the Canadian market.

“This new critical illness insurance and long term care policy (LifeBeat) is the best plan available for Canadians today to help protect their quality of life by reducing financial stress and preventing asset erosion after a major illness,” Gilbert said.

Horizon Planning Group Inc. is a National (excluding the Province of Quebec) Managing General Agency for LifeBeat and all other AXA Assurances Inc. financial protection insurance products.

LifeBeat has been available in Canada since January 2004.

All LifeBeat insurance policies purchased by a Horizon Professional or Consumer Members are eligible for a group premium discount rate.