Standard Life Assurance Co. of Canada has added Protecta 65 to its lineup of critical illness insurance products. Protecta has guaranteed level premiums until age 65, at which time coverage ends. The base plan covers cancer, coronary artery bypass surgery, heart attack and stroke; the enhanced plan covers an additional 24 illnesses. Consumers may receive a partial benefit if diagnosed with one of three high-cure-rate illnesses, such as early-stage prostate cancer. In such cases, the patient receives a benefit of 10% of the sum insured up to a maximum of $50,000, which is payable once. The policy remains in force
and the sum insured is not reduced. The return of premium on surrender rider is 25% after 10 years, gradually increasing to
a maximum of 100% after 25 years. Protecta 65 offers joint protection, making it ideal for mortgage protection, says Serge Charron, actuary, product management, life insurance. The
policy includes a “Best Doctors” medical consultation service and return of premium upon death. The sum insured ranges from a minimum of $25,000 to a $2-million maximum. Issue age is 18 to 54. Commissions are 50%, with a 5% trailing commission in Year 2 through Year 5, and 2% every year thereafter.