Assumption Life’s New Critical Illness Plan

Posted on July 27, 2014 and updated August 1, 2014 in Assumption Life, Critical Illness, Insurance Types, Life Insurance Canada News
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medical 10
Assumption Life now offers
critical illness coverage.

Assumption Life is finally offering critical illness insurance through their new Critical Protection plan.

The policy is simplified, so there are no medical exams and the coverage is guaranteed as long as you can answer no to 14 simple questions about your health and coverage history.

Besides, even if the answer is no for one of the questions, this does not mean you won’t qualify for coverage. Your application will simply be looked over by an underwriting team to determine if more information is necessary and to see if you still qualify for standard rates, if you’ll get a rated premium, or if you’ll qualify with certain exclusions.

Another piece of good news is that if you already have Assumption Life’s FlexTerm, FlexOptions, or ParPlus, the questions on those policies are the exact same questions being asked on this plan with only two real exceptions. That also means that there is now a critical illness rider that can be attached to any one of those plans, but it only works with new policies under those umbrellas.

The plan covers 16 illnesses, including, but not limited to, the following:

  • Accidental Limb Loss
  • Aortic Surgery
  • Life-Threatening Cancer
  • Kidney Failure
  • Stroke 
  • Accidental Paralysis
  • Major Organ Transplant
  • Severe Burns
  • Accidental Paralysis 
  • Heart-Valve Replacement or Repair

If you are diagnosed with any of the above illnesses (or a few more that are listed on the plan), you will be eligible for a lump-sum payment between $10,000 and $100,000. You are eligible for protection as long as your diagnosis falls within the term you select. The plan is available in the following terms: T15, T20, T25, and T75. The T15, T20, and T25 options are renewable up to the age of 75.

You have to be within a certain age bracket to qualify for the above terms. For T15 and T75, you must be between 18 and 60 years of age. For T20, you must be between 18 and 55. For T25, you must be between 18 and 50. Your premiums are also guaranteed for the life of those terms.

Critical Protection also offers two return-of-premium riders. One is a return of premium upon the death of the insured (for which they must be between 18 and 60) and the other is a flexible return of premium (for which they must be between 18 and 55). 

The return of premium upon death gives the insured all of their premiums back when they die (without interest) as long as the Critical Protection policy is still in-force and no benefits were ever paid. The flexible return of premium means that the insured receives their premiums back when they surrender their coverage on or after their 65th birthday, or they can receive their premiums back once the benefit expires on or near the insured’s 75th birthday.

If you are interested in buying Assumption Life’s Critical Protection policy, or any other critical illness coverage, please call 1-866-899-4849 or visit our Critical Illness Quote Page.

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