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Canada Life enhances individual protection products

 

Canada Life Individual Protection has upgraded its critical illness policy by adding over 30 further conditions and widening the definitions of some existing illnesses.

 

Summary of Critical Illness improvements

 

Previous

New

Core illnesses

41

52

Additional illnesses

19

44

Child specific illnesses

6

6

Total

66

102

  • Advance payments are available ahead of surgery (for eleven surgical procedures)
  • New children’s terminal illness cover pays up to £25,000 (or 50%* of the amount of cover) if a child is diagnosed with a terminal illness that cannot be claimed for as a critical illness. In these cases the £10,000 children’s funeral cover will be paid early

 

In addition to the illnesses, Canada Life has increased the flexibility of its products to match customers’ changing needs:

  • Increases or reductions to the length of the policy
  • Replacement cover (joint life policies only)
  • Premium discounts for full cancer exclusion as a result of family history of cancer

 

The addition of the Personal Nurse Service and Second Medical Opinion service to their Life Insurance Terminal Illness cover is in keeping with the company’s ethos that protection is more than just a financial benefit.

 

Plus, all their individual protection customers get the Canada Life app with discounted cinema tickets and big savings at 1000+ retailers and restaurants.

 

Natalie Summerson, Head of Sales, Canada Life Individual Protection, says:

“Our enhanced cover gives advisers more reasons to consider our policies for their clients. Improving clarity and after sales flexibility is just as important as increasing the number of illnesses covered. As well as providing a better level of protection, making payments earlier does even more to reduce financial pressures when the worst happens.”

 

 “We also recognise advisers need additional tools to engage their customers in positive conversations around protection. Our app provides a wealth of health and wellbeing information, as well as discounted cinema tickets and savings at over 1,000 retailers and restaurants. In addition to a quality Life Insurance or Life Insurance plus Critical Illness cover for life changing events, our customers get great benefits through the app from the day their policy starts.”

 

*whichever is lower

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.