QUEBEC CITY, June 14 2010 – Industrial Alliance Insurance and Financial Services Inc. and its Vancouver subsidiary, Industrial Alliance Pacific Insurance and Financial Services Inc., announce the launch of a new life insurance product with guaranteed premiums: Life and Serenity 65. This unique coverage allows clients age 40 to 60 to meet their life insurance needs knowing that if they experience a loss of independence, they’ll be able to maintain their quality of life thanks to a source of additional income.
“We’re proud to offer this new affordable life insurance solution that meets the needs of people concerned about rising healthcare costs for seniors,” said Marie-�laine Gaudreault, Director of Product Development and Training for Individual Insurance and Annuities. “Since more and more Canadians are affected by diseases such as Alzheimer’s and Parkinson’s, our clients are reassured that they can count on life insurance that also offers the possibility of maintaining their quality of life.”
Life and Serenity 65 is whole life insurance that provides for an additional source of income to maintain quality of life in case of loss of independence. As of age 65, the client has access to the life insurance face amount if they are affected by Alzheimer’s, Parkinson’s, paralysis or loss of independent existence. Access to the face amount is achieved through payment of a non-taxable monthly benefit equal to 1% of the life insurance amount. In addition, the client is no longer required to pay premiums upon diagnosis of one of the covered medical conditions. And even if the insured person’s monthly benefit payments deplete the entire face amount, a death benefit equal to 25% of the initial face amount will be paid to their heirs-so the total benefit could be up to 125%.
By virtue of its long-term care component, Life and Serenity 65 accompanies people throughout their lifetime. In the event of a loss of independence, it gives them the means they need to obtain necessary care without using up their retirement savings or becoming a financial burden on their loved ones.
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 or accomplish special projects. 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 is a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc.
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 in all regions of Canada, as well as in the United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,500 people and manages and administers over $60 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