The Standard Life Assurance Co. of Canada has launched a new critical illness insurance product called Protecta 65.

The new product offers joint protection, an option not offered by other insurance companies, making it ideal for mortgage protection. Protecta 65 is a level premium policy that provides clients with coverage up to age 65 and includes a Return of Premium on Death benefit.

“Standard Life’s limited period critical illness policies enable families to be protected at a reasonable cost and enjoy the many advantages offered by insurance companies,” said Michel Fortin, manager, product development and management, retail markets. “All of our products have been enhanced and now offer features that are even more competitive, such as our return of premium on surrender benefit as well as a greater number of covered illnesses.”

In addition to new features on the critical illness side, Standard Life has added managed accounts to the investment options available under Perspecta universal life insurance.

This offers policyholders greater diversification on two levels – by asset type and geographic area. This new range of investment options meets the needs of clients who are comfortable building their own portfolios as well as those who prefer to leave portfolio selection and monitoring to the investment professionals.

Perspecta policyholders can draw on the expertise of Standard Life Investments Inc., a subsidiary of Standard Life Investments Limited of Edinburgh, one of the world’s major asset management companies.