Critical Illness:

News from 2011

Standard Life will No Longer Sell Individual Life Insurance and Critical Illness Policies

Standard Life will not sell individual life insurance in the new year. Effective January 1, 2012, Standard Life will no longer sell individual life insurance and critical illness policies. However, the company will still serve those holding existing policies and applications received right up until December 31 and will still own that block of business after January 1. Its staff will continue to service these policies and give clients the opportunity to increase coverage, add coverage, ...
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BMO Critical Illness Insurance

BMO Insurance has five critical illness plans BMO insurance offers five Critical Illness plans. The minimum face amount for each of the five plans is $25,000. The maximum issue limit is $2 million for the first four plans and $1 million for their 15-pay Living Benefit 100 Critical Illness policy. The first of the plans is their Living Benefit Term 10 plan, which offers level premiums for the first ten policy years and is convertible without a medical. The coverage is guaranteed ...
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Wawanesa Life’s Quick-Issue Critical Illness Plan

Wawanesa Life offers a quick-issue critical illness plan. The policy is available with only eight qualifying questions and the plan pays out a lump sum, tax-free payment if you are diagnosed with one of 14 different critical illnesses. The waiting-period on most conditions is 30 days. The following is a list of the covered critical illnesses in this plan: 1. Heart attack 2. Stroke 3. Cancer (it must be life-threatening — no benefit is payable if the cancer is not ...
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TD Insurance’s Critical Illness Report

As reported in the Investment Executive, TD Insurance recently polled 1,000 Canadians in its 2011 "State of Insurance" report. Of those surveyed, 65% had children but did not have critical illness insurance. Critical illness insurance provides clients with a lump sum payout in the case of a life-altering illness. Most base critical illness policies cover conditions such as heart attack, stroke, or life-threatening cancer. (more…)
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Empire Life’s Insurance Policies

Empire Life offers renewable and convertible Term policies as well as Non-Participating Whole Life policies and Universal Life plans. Empire life's Term 10 and Term 20 policies are convertible to age 75 and renewable to age 100. Both of these features are unique to the industry because most insurance companies offer conversion options to age 65 on their Term 10 and Term 20 policies. In addition, Empire’s Term plan can be converted without a medical to their Term 100, 20-Pay ...
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BMO Insurance Solutions

BMO Insurance offers a whole host of life and living benefit insurance plans. Its product offering is split into two channels: 1) They offer policies direct to the consumer at www.bmolife.com, through their call centre and through their independent broker network. BMO Direct plans include its Easy Term plan, its Simplified Issue and Guaranteed Issue Funeral Expense Plan, Children’s coverage, and Accidental Death Benefit plans. (more…)
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Critical Illness Insurance for Cigar and Pipe Smokers

Canada Life has a unique approach to underwriting critical illness insurance for cigar and pipe smokers. Unlike most companies, Canada Life classifies cigar smokers and pipe smokers as non-smokers on its critical illness and disability insurance policies, which can have a large impact on the overall pricing. Canada Life's critical illness policies are available in Term 10, Term 100, and Term to 75 coverage. (more…)
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Desjardins’ Stronger than Cancer Promotion

Cancer still kills, which is why Desjardins Insurancehas decided to protect your family's financial health if you find yourself fighting for your physical health. This is why they're offering a free 25% gross-up on Critical Illness Benefits up to a bonus of $100,000 for the following eligible products: Harmony T100 (excluding Harmony Executive) Harmony T75 paid-up Harmony T65 Harmony T10/T20 Consumer's CI T10/T20 (The promotion is not available to those ...
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Critical Illness Insurance’s Automatic Increase Benefit Rider

A select number of Critical Illnessproviders in Canada have an automatic increase benefit rider. This rider allows the insured to automatically increase their critical illness insurance benefit at scheduled intervals. These automatic increases also mean that premiums go up according to the percentage of each scheduled increase. For example, RBC Insuranceoffers an Automatic Increase Benefit Rider that allows the insured to exercise their critical illness benefit every second policy ...
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Critical Illness Sales: Captive Agents Outsell Independents in 2011’s First Quarter

In August 2011, the Insurance Journal reported that Canadian Captive agents outsold Canada's independent advisors by 16% when it came to critical illness policies in the first quarter of 2011 compared with the same period in 2010. In addition, growth in the independent network was only 2% during the same period. But if we look at new annualized premiums, the individual critical illness market saw a 7% rise in sales in the first quarter of 2011 compared with the same quarter just the ...
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