August 9, 2011 -
Equitable Life of Canada has introduced an online tool and new
product features to help Canadians better prepare themselves in the
event they or a family member are diagnosed with a critical
illness. Equitable Life's critical illness insurance product,
EquiLiving, is now geared to a wider market and has some of the
most competitive 10 Year Renewable to Age 75 rates in the
Critical illness insurance pays out a lump-sum benefit,
following a survival period of typically 30 days after diagnosis of
one of the 25 illnesses covered by the plan. As life expectancy
increases, so does the need for critical illness insurance.
The chance of being diagnosed with and surviving a critical illness
is more likely than ever before. And the costs associated
with a critical illness can be staggering, as government health
care programs cover only the basics. Many Canadians are
forced to deplete their retirement savings or take on additional
debt to get the life-saving treatment they need. With
critical illness insurance, a critical illness doesn't have to
equal financial hardship.
Online tool answers the question "How much critical illness
insurance do you need?"
Recognizing the need for critical illness insurance is one
thing, but knowing how much you need is another. Equitable
Life's new easy-to-use
online tool helps determine how much critical illness insurance
is needed based on a person's personal situation.
What do they own? Which assets would they be willing to
sell to cover medical costs? Their home? Cottage?
- What do they owe? Would they want to pay off debts like
mortgage, car loan, outstanding credit card balance, etc. or simply
ensure there are funds available to cover the monthly
- What do they want critical illness insurance to do for
them? Cover current expenses? Pay for in-home health
care and homemaker support? Cover child care expense?
How much would these services cost? Simply click on the TIP
buttons for the answer.
The tool uses the person's needs and numbers to determine an
appropriate amount of critical illness insurance to cover what's
important to them. Everyone's needs are unique and this tool
allows for a truly personalized plan. Your advisor will be
able to assist you in determining what is right for you and your
Equitable Life has also introduced product enhancements to its
EquiLiving critical illness insurance, including:
Enhanced Early Detection Benefit
This built-in feature provides a lump sum benefit if the insured
is diagnosed with and survives the 30-day survival period
applicable to the following non-life threatening conditions: early
prostate cancer, ductal breast cancer, superficial malignant
melanoma and coronary angioplasty.
The benefit payout has increased to 15% of the benefit amount to
a maximum of $50,000 and can be paid twice during the lifetime of
the policy, but only once for any condition. Payment does not
cause the policy to terminate or reduce the critical illness
Simplified underwriting requirements
More liberal non-smoking definition and underwriting
requirements make it easier to apply and qualify for coverage.
Simplified Return of Premiums on Surrender/Expiry Rider
This optional rider provides the insured with the opportunity to
have their premiums returned if they are not diagnosed with a
Return of Premiums on Death Rider
This is now available as an optional rider, providing more
flexibility to tailor the plan to meet a client's specific
Critical illness insurance for children
EquiLiving critical illness insurance is now available for
children ages 30 days to 17 years. While no parent wants to
consider the possibility of their child becoming sick, the reality
is that it happens more frequently than we think and can
dramatically impact the financial security of a family. In
addition to covering the 25 adult conditions, children's critical
illness insurance offers additional coverage for five childhood
illnesses including: cerebral palsy, congenital heart disease,
cystic fibrosis, muscular dystrophy, and type 1 diabetes
Industry-Wide Benchmark Definitions
Equitable Life has adopted industry-wide benchmark definitions
making it easier to understand the conditions and compare plans
offered by different companies.
Individual critical illness insurance from Equitable Life of
Canada can help clients protect their family's financial security
and take care of the financial worries so that they can focus on
recovery. Talk to your advisor about EquiLiving today.
Media Relations Contact
Director of Individual Product Development and Marketing
Direct Line: 519.904.8305