La Capitale has added a new simplified issue accident insurance product to its Pillar Series Income Protection lineup.
The insurer says it created the new Simplified Accident Insurance product in response to requests from distributors. The coverage is meant to be easy to purchase, doesn't require a medical exam, and is available to clients between the ages of 18 and 69.
The insurance replaces income for employees, self-employed workers, or business owners and provides up to $3,000 in monthly benefits. Included in the eligibility conditions is the requirement to work a minimum of 21 hours a week for 35 weeks and have an insurable occupation. La Capitale's new plan does not integrate or coordinate benefits for the first six months of disability; regardless of the amount selected, the total benefit is payable during the first six months even if income has changed or if the insured is receiving benefits from other sources. After this period, a minimum monthly benefit of $1,200 is guaranteed for up to 36 months.
Kim Oliphant, Vice-President of Sales, Brokerage Channel, Individual Insurance at La Capitale, says that the product was designed with simplicity in mind. "By answering three eligibility questions in the application form, a person can quickly obtain this coverage and benefit from the selected options. Even though the base coverage has a wide scope, insureds can tailor the plan to their needs," she explains. "They can add an extension of the regular occupation definition to 5 years. Accidental death or dismemberment, partial disability, and accidental fracture coverage is also available."
