Assumption Life Critical Illness Coverage: keeping It Simple

7/28/2014 12:00:00 AM

Assumption Life expands its simplified product line with brand new critical illness coverage called Critical Protection.

"This new product combines the best of both worlds. A simplified product that can also be fully underwritten," said Jacques Pinet, Assumption Life Vice President of Business Development. "People can be approved immediately, with no medical exams, if they can answer ‘No’ to our simple questions. And even if the answer to one or more question is ‘Yes,’ the application can still be submitted.’ The request would then simply be processed by the underwriting team."

He went on to say that the medical questions for Critical Protection are the same as those found on for other products on Assumption Life’s electronic sales platform, such as FlexTerm, FlexOptions and ParPlus, with two exceptions. "Our brokers are familiar with these products. They can be explained simply and be easily understood, which is a big selling point for brokers. They know our medical questions and are comfortable with them, so why re-invent the wheel? I think it’s simply another example of our commitment to making it easy for brokers to grow their business with us."

Broad spectrum of illnesses covered

Critical Protection covers 16 critical illnesses. "An insured person who is diagnosed with one of the illnesses covered will receive the lump-sum benefit specified in their contract, which can run from $10,000 to $100,000" added Pinet. "Peoples’ worlds can be turned upside down in a fraction of a second when they are diagnosed with a critical illness. This one-time payment will at least provide a financial resource to help cover additional expenses involved in recovering their health, such as time off work, traveling to receive treatments, home care or the cost of treatments not covered by public health insurance."

A closer look at other features of this brand new product

Available as an individual policy or as a rider on another insured, Critical Protection is available for the following terms: T15 (for 18- to 60-year olds), T20 (for 18- to 55-year-olds), T25 (for 18- to 50-year-olds) and T75 (for 18- to 60-year-olds). The T15, T20 and T25 are renewable up to the age of 75. Premiums are guaranteed for the term of the contract.

Two optional riders, return of premiums upon death and flexible return of premiums, can also be added to this product.

It’s not all!

Assumption Life is also launching a critical illness rider on three other products: FlexTerm, FlexOptions and ParPlus.

Enthusiasm over this new product

Enthusiasm for Assumption Life’s brand new product has been running high for several months. "Brokers and agents who have gotten wind of the news want to know when our new critical illness insurance was being launched," Pinet stated. He says client and broker interest in simplified issue living benefit products is clear.

"We all have family members, friends, acquaintances, who are affected by critical illnesses, and at increasingly younger ages. The good news is that survival rates, for example from a heart attack or cancer, have increased considerably in the last 10 to 15 years because of advancements in care and treatment," added Pinet. "For instance, the country’s survival rate for all cancers combined is now 63%,* while death due to cardiovascular disease has fallen more than 40%* during the last decade. We are becoming increasingly aware that it could happen to any of us at any time and that protection against critical illnesses could help recover our health without seeing our financial health decline."

Contact an authorized Assumption Life agent for more information.