Sun Life Financial Inc. has added several new features to its critical illness insurance product, the company announced on Tuesday.

After researching Acquired Brain Injury for more than a year, Sun Life has developed a policy definition and insurance coverage guidelines for this illness under its critical illness insurance product. The condition involves damage to the brain that occurs after birth by traumatic injury, anoxia (absence of oxygen), or encephalitis (inflammation of the brain). Known as the “invisible disability” it can result in prolonged or permanent impairments such as short-term memory loss.

Sun Life has also added a new conversion feature that allows customers who have critical illness insurance to convert this coverage to long-term care insurance. Their future insurability for long-term care insurance is protected and guaranteed, regardless of their health.

If the critical illness insurance policy includes the return of premium on cancellation option, customers can receive the amount they have paid in premiums when they convert to the long-term care product.

Sun Life also added loss of independent existence—an inability to care for oneself either physically or as a result of cognitive decline—as an optional benefit to its critical illness insurance. It is designed to protect against events that are not included in covered illnesses, but that prevent someone from carrying out the routine activities of daily living.

In addition, the company reduced the minimum issue age to 30 days old for the insurance product. The plan “grows” with the child, with automatic loss of independent existence and Acquired Brain Injury coverage at age 18, and automatic return of premium beginning as early as age 25.

“Today’s markets have caused Canadians to think about their savings in a new light, and finding ways to protect the money they’ve worked so hard to save is higher on the list than ever before,” said Kevin Strain, senior vice-president of individual insurance and investments at Sun Life Financial Canada. “Protection from volatile markets is a high priority, but a serious illness can have an impact on your finances.”

Different levels of coverage are available for Sun Life’s critical illness insurance policy, ranging from four basic illnesses—cancer, heart attack, stroke, and coronary artery bypass surgery—to coverage for up to 24 illnesses.

IE