Desjardins’ Enhanced Term 10 Policy

Posted on October 11, 2009 and updated September 30, 2010 in Desjardins Financial Security, Life Insurance Canada News 2 min read
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Desjardins’ Enhanced Term 10 policy is an innovative life insurance policy with a unique critical illness component.

The premiums are fixed for the first 10 policy years and the plan is guaranteed renewable. The critical illness feature is a unique part of the policy, in that the policy pays out immediately upon diagnosis. Most other critical illness policies have a 30-day waiting period, but since the critical illness benefit is paid out as an advance on the life insurance policy, no waiting period is required. Be aware that there are two exceptions — there is a 90-day exclusion for cancer or beign brain tumours.

Applicants must indicate what portion of the total policy amount (any percentage between 25% and 100%) is to be “advanced” in the event of a critical illness. Once an advanced benefit is paid, the remainder of the policy is in effect as a life insurance benefit. If 100% of the policy face amount is designated as the critical illness benefit, then the policy will terminate upon the payout of the benefit amount.

Enhanced Term 10 with a Critical Illness Advance can be a great addition to an existing life, disability, or critical illness insurance portfolio.

You can get an instant Desjardins quote, as well as quotes from Canada’s other leading insurance carriers at the following link:  https://lsminsurance.ca/quotes/term-life-canada, or contact our office at 1-866-899-4849.

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