Industrial Alliance Insurance and Financial Services Inc. is launching a combination of whole life coverage and term critical illness coverage for children age 15 days to 20 years, the company announced Monday.
Industrial Alliance is jointly rolling out the Child Life & Health Duo product with its Vancouver-based subsidiary Industrial Alliance Pacific.
This new hybrid coverage, unlike any other on the market, gives parents access to half of the life insurance face amount if their child is stricken with a critical illness, while the life insurance coverage remains in place. In adulthood, the child may continue to benefit from his life insurance coverage to ensure the future of his own family, regardless of his state of health, and without a medical exam.
\u201cIndustrial Alliance is now offering an affordable option for parents who want to ensure the future financial independence of their child and also be able to stay by his bedside in case their child is stricken by critical illness, and take care of the resulting expenses,\u201d says Jacques Potvin, vice president of marketing, insurance and individual annuities. \u201cThis new hybrid insurance joins our other financial protection products for children, an area where Industrial Alliance has one of the best offers in the country. Across Canada, the parents of one insured child in five place their trust in Industrial Alliance.\u201d
The life insurance offered by the new product allows for an increase in coverage when the child reaches adulthood, on request, at the time of major life passages such as college graduation, marriage and the birth or adoption of a child.
The critical illness coverage is the most exhaustive on the market, Industrial Alliance says. It covers 32 illnesses, including seven juvenile illnesses, as soon as the insured is 15 days old.
The product also offers a non-smoker bonus that allows for a 40% increase in the face amount when the child turns 15, by simply filling out a health declaration. This advantage rewards adolescents for having healthy lifestyles, the company says.
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