Canada Life International has introduced the flexible protector plan, an individual critical illness plan that is also available to the corporate market.
The plan covers 28 conditions and has five types of cover. With Standard 100 cover, premiums fund the sum assured until the age of 100 and are then reviewed. Standard 65 cover funds the sum assured until the age of 65, while maximum cover offers a larger sum assured over a guaranteed period of 10 years. Keyperson cover is intended to last at least five years, while working life cover is designed for a pre-set period, usually until retirement and beyond.
Other benefits can be added once clients have decided which type of cover to take. These include life cover, permanent total disability and waiver of contribution. This makes it easier for policyholders to upgrade or downgrade cover as their circumstances change.
The plan is similar to Royal & SunAlliance International Financial Services' protection plus plan. This allows policyholders to choose critical illness only, whole of life, or a combination of the two. Like the Canada Life International product, it has a waiver of premium option and allows the type of cover to be altered when circumstances change. But it is more expensive and covers 23 conditions five less than Canada Life International's product.
A 30-year old non-smoking male requiring critical illness only cover under the standard 65 option for a £100,000 sum assured would pay £25.69 a month with Canada Life International. The same type of cover on the same basis with Royal & Sun Alliance International Financial Services would be £67.