Foresters Financial announced Nov. 9 the launch in Canada of Live Well Plus and Live Well, critical illness insurance products.
The insurer says the product are “focused on the needs of under-served everyday Canadian families” and that the two offerings “represent a comprehensive refresh of critical illness insurance at Foresters with new pricing and expanded benefits.”
With face amounts of $25,000 to $2,000,000 for terms ten, twenty, and to age 80, Live Well Plus covers 25 critical illnesses. Foresters says it is “the only insurer in Canada to offer non-medical underwriting to age 65 for coverage up to $100,000 and is unique in its term coverage to age 80, with no additional policy fees applied.”
Live Well Plus includes a built-in Return of Premium at Death benefit, along with three optional riders (Waiver of Premium, Return of Premium on Surrender or Expiry, and a convertible Juvenile Critical Illness).
Simplified issue alternative
Live Well is a simplified issue alternative for those 18 to 55, covering Cancer, Coronary Artery Bypass Surgery, Heart Attack, and Stroke with face amounts from $25,000 to $100,000.
It also comes in three term options of ten, twenty, and to age 80, with the same built-in Return of Premium at Death benefit. Two optional riders, Return of Premium on Surrender or Expiry and Waiver of Premium, are also available.
"We're excited to introduce a new suite of critical illness insurance protection for families in Canada," said JS Ledoux, AVP, Product Management, North America. "We've been able to broaden the illnesses covered by these new plans and create greater access for more people with non-medical options, while adding special features like the built-in Return of Premium at Death. Importantly, anyone insured under our plans automatically qualify for all of the extraordinary member benefits Foresters provides to enrich the lives and communities of our members."
