Changes to Canada Life’s Critical Illness Plan – Great news for the life insurance industry

  • LifeAdvance T100 15-year pay plan – This new plan offers the same features and benefits as T100 LifeAdvance, but premiums are payable for only 15 years and then the policy is paid up for life.

  • New return of premium riders – More choices and simplified features. The ROP at withdrawal and ROP at withdrawal or expiry riders have been renamed. They’re now known as ROP15, ROP20 and ROP65. These riders have been streamlined for ease of use and to provide industry-leading flexibility.

  • Rate changes – All existing LifeAdvance plans have been re-priced to reflect enhancements and a competitive rate review.

Lorne’s Comments:

Canada Life

The limited payment option is a terrific feature for clients who want Permanent Critical Illness insurance but do not want to pay into their retirement years. Canada Life is also joining several other carriers in an attempt to get standardized critical illness definitions. This is great news for the industry.

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