Humania Assurance revamps a critical illness product to target baby boomers

par Alain Thériault | November 12 2018 09:30AM

Photo: Freepik

Humania Assurance has converted its traditional product Prohealth Cancer Insurance into a totally Web-based CI insurance product called 5575 Assurance Cancer.

The insurer is clearly aiming for the age 55 to 75 segment, although the product is accessible to clients ages 18 to 80.

The product is offered as term insurance whose payment (premium) is guaranteed for the first 10 years. It increases every 10 years thereafter. Protection ends when the insured reaches age 91.

Up to six diseases covered

The new product covers cancer, and gives insured optional protection from five other critical illnesses or conditions: stroke, coronary artery bypass, heart attack, paralysis, and coma.

5575 disburses an insurance amount of up to $75,000 in case of a major cancer or other condition covered, compared with a maximum of $25,000 in Prohealth.

Seven minor cancers

5575 also covers seven minor cancers, in each case up to 15% of the amount of insurance purchased. In case of death, beneficiaries will also receive 15% of the amount purchased by the insured.

Seven questions to confirm insurability

Seven questions determine whether clients are insurable, and up to what amount. For example, clients who have an immediate family member who has already suffered from colorectal, breast or ovarian cancer can obtain maximum insurance of only $50,000. Clients diagnosed with cancer or waiting for this diagnosis do not qualify for 5575.