Canada Life has re-entered the individual life market by launching four new plans using the CanLife Protect brand.
These are a level term and decreasing term, which are life assurance only and level term plus, and decreasing term plus, which incorporates additional critical illness cover.
Initially the plans will only be available via Lifesearch, which is trialling the UnderwriteMe system which Canada Life has linked to.
The plan incorporates 58 conditions – 42 core conditions and 16 additional payment conditions. All additional payments are limited to the lower of £25,000 or 25 per cent of the sum insured.
Alan Lakey, director of CI Expert, commented that whilst the plan is very comprehensive, the heart attack definition is harsher than that of the best plans, by requiring a specific level of raised enzymes.
However, he noted that children’s cover is “wide-ranging”, with cover included for five specific congenital conditions – muscular dystrophy, hydrocephalus, spina bifida, cerebral palsy and cystic fibrosis.
“Additionally they include a £7,500 payment if hospitalised for at least seven days enduring mechanical ventilation plus £10,000 payable on death. The normal age range is 30 days to 18 years but this extends to 22 years if the child is in full-time education.
Mr Lakey’s verdict is that the new plans are a welcome addition to the market, as they focus on quality “rather than being cheap and cheerful”.