Industrial Alliance Insurance and Financial Services Inc. and its subsidiary, Industrial Alliance Pacific Insurance and Financial Services Inc., have launched a product designed to provide an additional source of income to maintain quality of life in case of loss of independence.

Life and Serenity 65 is new whole life insurance product that features guaranteed premiums along with a long-term care component.

Its unique coverage allows clients age 40 to 60 to meet their life insurance needs knowing that if they experience a loss of independence, they’ll be able to maintain their quality of life thanks to a source of additional income.

“We’re proud to offer this new affordable life insurance solution that meets the needs of people concerned about rising healthcare costs for seniors,” says Marie-Élaine Gaudreault, director of product development and training for individual insurance and annuities.

“Since more and more Canadians are affected by diseases such as Alzheimer’s and Parkinson’s, our clients are reassured that they can count on life insurance that also offers the possibility of maintaining their quality of life,” Gaudreault says.


As of age 65, the client has access to the life insurance face amount if they are affected by Alzheimer’s, Parkinson’s, paralysis or loss of independent existence. Access to the face amount is achieved through payment of a non-taxable monthly benefit equal to 1% of the life insurance amount. In addition, the client is no longer required to pay premiums upon diagnosis of one of the covered medical conditions. And even if the insured person’s monthly benefit payments deplete the entire face amount, a death benefit equal to 25% of the initial face amount will be paid to their heirs-so the total benefit could be up to 125%.

IE