Life insurance and life insurance plus critical illness cover now available through directly authorised protection proposition
Paradigm Protect has joined a handful of distributors with access to Canada Life's Individual Protection products, which specialise in life insurance and critical illness cover (CIC).
Both of Canada Life's Individual Protection products - life insurance and life insurance plus CIC - are available on a level or decreasing term basis, and life insurance provides terminal illness cover right up to the end of policy and includes up to £300k accidental death benefit (during the underwriting process).
Canada Life's CIC includes full cover for over 40 critical illnesses; 19 additional illnesses for a lower amount of cover; comprehensive child cover automatically protecting clients' children from 30 days old up to the age of 18, or 22 if they are in full-time education. Children will also be covered for six child-specific illnesses from birth.
"We are delighted to be working with Paradigm Protect and its member firms which are passionate about reducing the protection gap," said Natalie Summerson, head of Individual Protection sales at Canada Life. "We have designed our individual protection proposition with the customer and adviser controlling the speed of decision. This enables our customers to obtain terms in a timely manner. We believe our approach which uses technology to keep the adviser and customer firmly in control, is key to helping protect more individuals and their families for when the worst happens."
According to Canada Life, over four-in-five clients go through the underwriting process without further referral and its technology provides a streamline quote application. For applications where medical evidence is required, Canada Life will not ask for a GP report, instead basing decisions on clients' disclosure during a tele-underwriting process, or in some cases a medical screening.
The idea is that ease of application and comprehensive cover will make its individual protection offering more appealing.
"We are currently one of a small number of distributors who have access to these very effective, market-leading products and I'm sure advisers will be keen to utilise this access and ensure their clients have access to both the life insurance and life insurance plus critical illness cover offering," said Mike Allison, head of Protection at Paradigm.
"It's highly important that we confront the ‘protection gap' in the UK and ensure clients are not leaving themselves at considerable risk by under-insuring. This is particularly important for clients who may not have seen their adviser for a number of years, and whose circumstances could well have changed drastically during that time.
"By committing to protection, advisers are doing all they can to provide at the very least, an adequate amount of protection for all," he added.
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