Assumption life released its highly anticipated InstaTerm policy over the holiday season.
Named 33rd of the top 101 companies to work for in Atlantic Canada, Assumption Life is already a leading carrier in the permanent no-medical life insurance market. It’s trying to tap into the increasingly crowded no-medical term insurance market.
On the other side of the spectrum, Humania Assurance has already made a big splash with its no- medical term policies with face amounts up to $300,000, and Canada Protection Plan also increased its issue limits in 2013.
Assumption Life’s InstaTerm policy is available on an immediate-pay or deferred-pay basis and is available as a 10-year or 20-year term ride. There’s also an accidental fracture benefits rider, a children’s insurance rider, and an accidental death rider available.
The non-deferred policy is renewable and convertible, whereas the deferred policy is not. Both plans have a live-in transportation benefit included and can can be combined with Golden Protection Plan — Assumption Life’s simplified-issue permanent plan.
The issue ages on the policy are 20 to 70 years old, and the available coverage can be up to $150,000 on the regular InstaTerm plan and $100,000 on the InstaTerm Deferred plan. The premiums are guaranteed level for the term selected and they come with both smoker and non-smoker rates. The plans are available either as individual policies or as a rider.
LSM Insurance Take:
The product offers an interesting solution to younger applicants who have traditionally been ignored in the hard-to- insure market. Most simplified-issue policies only offer coverage to applicants aged 40 and over. It also offers a unique options for older applicants who work but can’t afford permanent policies. An example of this is a 70-year-old, male non-smoker taking $50,000 of Golden Protection coverage and paying $392.99 a month. However, the same applicant would only pay $229.64 a month for $50,000 of Instaterm 20 coverage, which is 58% of Golden Protection Plan’s cost. You should note, however, the InstaTerm qualification questions are slightly more difficult than Golden Protection Plan questions.
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