Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) is launching a simplified issue life insurance product that does not require a medical exam.
Access Life will provide basic coverage of $10,000 to $50,000 for those who have trouble getting life insurance. Clients who are in good health but prefer not to go through medical exams can get coverage up to a maximum of $300,000.
This product also allows clients the option of combining permanent protection with 20-year term protection for temporary needs, such as covering their mortgage.
Access Life is available through IA Excellence, an IA subsidiary that specializes in living benefits. Enrolment into the program is only available online.
“We are happy to be offering clients this new comprehensive, competitive, quick enrolment product,” says Pierre Vincent, vice president of individual insurance at IA and president and chief operating officer of IA Excellence, in a statement released on Friday. “All the underwriting paperwork normally required for a new life insurance policy has been simplified to make the process as quick and convenient as possible for our clients.”
IA has also added a new feature to its Equibuild universal life insurance product, which was introduced in September.
The product’s base coverage currently offers policy owners an annual bonus that can be used to purchase paid-up additional insurance, which provides additional coverage over time at no extra cost.
Equibuild can also now be purchased with optional integrated coverage. This allows clients to select a desired amount of insurance above the Equibuild base policy and the difference between the base and the desired amount is filled in with integrated coverage.
“After five years, and in step with the increase in coverage from paid-up additions, the integrated coverage decreases annually, keeping the total amount of insurance the same,” the announcement states.
The cost of integrated coverage is level during the initial 10- or 20-year period and becomes yearly renewable term thereafter.
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