KINGSTON, ONTARIO--(Marketwired - July 6, 2016) - The Empire Life Insurance Company (Empire Life) has introduced Empire Life CI Protect™, a simple and affordable critical illness insurance product designed to help Canadians protect against key health risks that could, if unprotected, leave them financially stressed and impact their families' financial goals.
"With an aging population, the possibility of being diagnosed with a critical illness is a reality that many more Canadians will face in the next decade. We've designed a new product that provides affordable coverage of the four most prevalent conditions in Canada which account for 88%1 of all paid critical illness claims," says Sean Kilburn, Senior Vice-President, Retail.
These four conditions include cancer, heart attack, stroke and coronary artery bypass surgery. In fact, statistics indicate that:
- Two in five Canadians will develop cancer in their lifetime2;
- Nine in 10 Canadians have at least one risk factor for heart disease or stroke3;
- Every nine minutes a Canadian experiences a stroke4; and
- Over 19,000 Canadians age 18 or older have had a coronary bypass surgery performed5.
"The impact of a critical illness can be devastating for a family and that is often compounded by the crippling financial toll of ongoing living expenses and medical expenses", says Kilburn. "Empire Life CI Protect™ provides affordable coverage with a simple application process that uses life insurance underwriting with no additional health insurance requirements."
To make applying even easier for customers, Empire Life CI Protect™ has also been incorporated into the Fast & Full® Life Application process, the online insurance application process that offers an electronic health questionnaire, electronic payment and electronic signature.
To learn more, visit www.CIProtect.ca or contact the Empire Life Sales Centre at 1 866 894 6182.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. Our mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of December 31, 2015 Empire Life had total assets under management of $14.5 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
Twitter cue: #EmpireLife launches CIProtect: a simple and affordable critical illness insurance
|1 Munich Re 2014 Individual Insurance survey
|2Canadian Cancer Statistics 2015, Canadian Cancer Society.
|3 2015 report on the health of Canadians, Canadian Heart and Stroke Foundation.
|4 Stroke Report 2015, Canadian Heart and Stroke Foundation.
|5 Based on 2013 Coronary Artery Bypass Graft (CABG) rate for both sexes, age-standardized rate per 1,000 of population, Canadian Institute for Health