Financial Protection in the Event of Critical Illness
Industrial Alliance Launches "Transition" and Innovates with Individual Coverage for Children
Critical Diseases Covered
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Industrial Alliance Insurance and Financial Services launched a brand new critical illness product this week called Transition. This new product aims to maintain health and quality of life of insureds and their families while the insured makes the transition towards recovery.
At Industrial Alliance, we felt it was important to create a product that would provide financial protection to individuals afflicted with a critical illness, as well as their family members, so they can focus completely on their recovery or the family member´s recovery without having to worry about the financial concerns that often go along with a very serious illness,” explained Denis Ricard, Assistant Vice-President, Marketing.
This new financial protection is available to insureds aged 0 to 65, and guarantees the payment of a lump sum ranging from $10,000 to $1,000,000. This amount is paid 30 days after the insured is diagnosed with one of the critical illnesses or medical conditions covered under the contract, such as cancer, heart attack, cystic fibrosis, Alzheimer´s Disease. The amounts paid under the Transition policy are tax free and can be used without any restrictions to pay down debts, to enable the spouse or the parents to take a leave without pay in order to stay home with the person suffering from the illness, to cover medical expenses abroad, to obtain home nursing care, to adapt the home to the insured’s medical condition, or to purchase specialized equipment.
In addition to families, Transition is also aimed at individuals, business owners, self-employed workers and business executives. It is an excellent complement to any financial planning.
Innovation: individual child coverage option
Despite other similar products on the market, Industrial Alliance is the only insurance company to offer individual critical illness coverage for children. This is the only coverage of its kind on the market, also guaranteeing a lump sum payment starting at $10,000.
Industrial Alliance also offers parents the option to insure their children through the Transition Child Rider, which is an option under the parents’ base policy. This supplemental coverage provides protection for all the children in the family under the age of 21 (including all future children) for an amount ranging from $2,000 to $20,000. Both the individual coverage and the Transition Child Rider provide parents with the financial means to stop working temporarily so they can focus completely on their child’s recovery.
Premium Refund Guarantees
Industrial Alliance also guarantees that all premiums paid since the coverage was issued will be refunded, at no additional charge, if the insured dies while the Transition coverage is still in force. In addition, if no benefits have been paid by the time the insured turns 75 and the Premium Refund option was selected, the Company will also refund, upon maturity, all premiums paid since the policy was issued. This new critical illness coverage is distributed Canada-wide through representatives of Industrial Alliance and IA Pacific Life. The seventh largest life and health insurance company in Canada, Industrial Alliance offers a wide range of insurance products and financial services. The Company has operations throughout Canada, either directly or through its subsidiaries, including IA Pacific Life (Vancouver) and National Life of Canada (Toronto). Industrial Alliance has over $13 billion in assets and funds under management and its share is listed on the Toronto Stock Exchange under the ticker symbol IAG. Its share is included in the TSE 300, TSE 200, and S&P/TSE Canadian MidCap market indexes.
Director, Public Relations
Tel.: (418) 684-5000, extension 4668