QUEBEC CITY, March 30 2009 – Industrial Alliance Insurance and Financial Services Inc., jointly with its Vancouver-based subsidiary Industrial Alliance Pacific, announce the launch of the Child Life & Health Duo, a combination of whole life coverage and term critical illness coverage for children age 15 days to 20 years. This new hybrid coverage, unlike any other on the market, gives parents access to half of the life insurance face amount if their child is stricken with a critical illness, while the life insurance coverage remains in place. In adulthood, the child may continue to benefit from his life insurance coverage to ensure the future of his own family, regardless of his state of health, and without a medical exam.
“Industrial Alliance is now offering an affordable option for parents who want to ensure the future financial independence of their child and also be able to stay by his bedside in case their child is stricken by critical illness, and take care of the resulting expenses,” said Jacques Potvin, Vice-President of Marketing, Insurance and Individual Annuities. “This new hybrid insurance joins our other financial protection products for children, an area where Industrial Alliance has one of the best offers in the country. Across Canada, the parents of one insured child in five place their trust in Industrial Alliance.”
The Child Life & Health Duo features two essential elements, life insurance and critical illness coverage, which each offer many advantages. The life insurance allows for an increase in coverage when the child reaches adulthood, on request, at the time of major life passages such as college graduation, marriage and the birth or adoption of a child. The critical illness coverage is the most exhaustive on the market. It covers 32 illnesses, including 7 juvenile illnesses, as soon as the insured is 15 days old.
The Child Life & Health Duo also offers a non-smoker bonus that allows for a 40% increase in the face amount when the child turns 15, by simply filling out a health declaration. This unique advantage rewards adolescents for having healthy lifestyles.
Because of its multiple benefits and flexibility, the Child Life & Health Duo can accompany a person throughout his entire life, and continuously adapt to his changing needs.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group which has operations across Canada, as well as in the Western United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,300 people and manages and administers some $49 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada. www.inalco.com
About Industrial Alliance Pacific
Industrial Alliance Pacific Insurance and Financial Services Inc. is a life and health insurance company whose origins date back to 1912. Its primary mission is to provide financial protection to its insureds and their beneficiaries in the event of death, disability or illness, and to help clients achieve financial independence at retirement while fulfilling their lifelong dreams.
To carry out this mission, Industrial Alliance Pacific offers a wide selection of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, mortgage loans, and other financial products and services. Industrial Alliance Pacific operates in Canada, mainly in the Western provinces and in Ontario, as well as in the Western United States.
