TORONTO, Sept. 23, 2003 – Canada Life is pleased to introduce the Dual Solution program; a combination of Individual critical illness coverage and disability coverage for clients who are concerned about protecting their finances for today and beyond.
The Dual Solution program is ideal for those individuals concerned about the devastating consequences a critical illness or disability may have on their finances. If a client purchases a LifeAdvance(R) Critical Illness Insurance policy and a personal disability insurance policy at the same time, Canada Life will pass on a five per cent permanent premium reduction on both the client’s policies.
“We are pleased to offer the Dual Solution program that helps meet our clients’ short-term and long-term financial needs,” said Joe Wellman, Assistant Vice-president of Living Benefits. “Now clients can help protect their finances against a covered condition or disability and take advantage of all the benefits offered through LifeAdvance and our disability product at a reduced rate.”
The Dual Solution meets clients’ short-term and long-term needs – if they are diagnosed with a covered condition, LifeAdvance usually pays a lump sum, cash benefit 30 days after the diagnosis of a covered condition, that can be used towards their immediate financial demands. While a disability policy helps protect their income by providing a monthly benefit in the event of a long-term disability. Canada Life provides the option of giving clients a portion of their money back with the purchase of Return of Premium on their disability insurance policy and Premium Payback benefits on their LifeAdvance policy. If the client becomes disabled or suffers a covered condition and the claim is approved, Canada Life will pay the applicable benefit. If the client remains healthy and has minimal or no claims, he or she may elect to receive a refund of premium.
About Canada Life
The Canada Life Assurance Company provides insurance and wealth management products and services. Founded in 1847, Canada Life was the country’s first domestic life insurance company. The company has solid experience in the disability insurance market and has the distinction of being one of the first carriers of critical illness insurance in the Canadian marketplace.