iA Financial Group (Industrial Alliance Insurance and Financial Services announces the launch of Access Life, a simplified issue life insurance product offering quick, comprehensive coverage with no need for a medical exam.
Access Life provides basic coverage of $10,000 to $50,000 for clients who, for any number of reasons, have trouble getting life insurance. In addition, clients who are in good health but prefer not to go through medical exams can get coverage up to a maximum of $300,000.
With Access Life, insureds can also combine permanent protection with 20-year term protection for temporary needs such as covering their mortgage.
This new solution is for anyone who has been denied life insurance or is worried they won’t qualify because of their age or health.
"We are happy to be offering clients this new comprehensive, competitive, quick enrolment product," states Pierre Vincent , Vice-President, Individual Insurance at iA Financial Group and President and Chief Operating Officer of iA Excellence.
"All the underwriting paperwork normally required for a new life insurance policy has been simplified to make the process as quick and convenient as possible for our clients."
Access Life is also being marketed by iA Excellence, a subsidiary of iA Financial Group specializing in living benefits. iA Excellence is offering online enrolment only for this product, which will allow advisors to sell it without having to fill out a paper application form.
Also today, iA Financial Group is adding a new key feature to its EquiBuild universal life insurance product, introduced in September 2015.
EquiBuild’s base coverage currently offers policy owners an annual bonus that can be used to purchase paid up additional insurance, providing additional coverage over time at no extra cost.
Starting now, EquiBuild can also be purchased with optional "Integrated Coverage," a new form of coverage that integrates with the EquiBuild base coverage. Clients select a desired amount of insurance above the EquiBuild base policy, and the difference between the EquiBuild base and the desired amount is filled in with the Integrated Coverage.
After 5 years, and in step with the increase in coverage from paid-up additions, the Integrated Coverage decreases annually, keeping the total amount of insurance the same. The cost of Integrated Coverage is level during the initial 10- or 20-year period and becomes YRT (yearly renewable term) thereafter.
"EquiBuild offers great flexibility to help clients better meet their needs as they change over time. The addition of Integrated Coverage will help more people cover all their needs with EquiBuild," states Pierre Vincent , Vice President, Individual Insurance at iA Financial Group and President and Chief Operating Officer of iA Excellence.