CANADA LIFE
Canada Life (Life Insurance)
        
The main reason for Life Cover is to provide a tax-free lump sum to help your family maintain the same standard of living, which they enjoy today, should you die. This lump sum could be used to clear outstanding loans, supplement income or provide for dependants. Make sure that you consider what sort of policy you want carefully. This insurance is important for your family. Read any terms and conditions associated with your life insurance cover carefully so that you are fully covered in any eventuality.
Location: Ireland
Advantages:
1. "Standalone" Life Cover
The simplest form of Life Cover available. If you die within the term of the policy, Canada Life will pay out the sum assured.
 
2. "Standalone" Specified Illness Cover
From time to time, it makes sense to check if your Life Cover is sufficient to meet your needs. For those who have sufficient Life Cover, or for those who have no need for it, the Flexible Term Plan offers "Standalone" Specified Illness Cover.
 
3. "Accelerated" Life and Specified Illness Cover
The Accelerated Plan provides Life and Specified Illness Cover. After a Specified Illness claim, your Life Cover is reduced by the amount of the claim. The policy will cease in the event that a Specified Illness claim reduces your Life Cover to zero. In the event that you die before a Specified Illness claim, the death benefit will be paid provided this occurs within the term of the policy, and the policy will cease. This plan is a relatively inexpensive way to provide Life and Specified Illness Cover.
 
4. "Double Payout" Life and Specified Illness Cover
This plan contains Life and Specified Illness Cover and the key advantage here is that the Life Cover sum assured is independent and unaffected by a Specified Illness claim. This means that your level of cover is guaranteed not to reduce after a Specified Illness claim.
Disadvantages:
1. Restrictions apply to all the policies.
2. Minimum premium of €15 per month
Services:
Overseas Surgery Benefit if you or any of your children between the ages of 1 and 18 years need an immediately necessary surgical procedure arising from one of the serious illnesses listed and which, cannot be performed in any hospital in Ireland, an extra cash amount to help cover travelling expenses will be paid in addition to any Serious Illness Benefit. Benefit Prepayment if it is confirmed that you or your children between the ages of 1 and 18 years are on an official waiting list to have Coronary Artery By-Pass, Heart Valve, Aorta Graft or Pulmonary Artery surgeries, then a portion of your Serious Illness Cover will be pre-paid with the remainder payable on the completion of the surgery and survival of 14 days.
 
If you are on an official waiting list for a Heart, Lung, Liver, Pancreas or Bone Marrow Transplant, the full benefit can be paid in advance of the surgery being carried out. Child Cover Under your Serious Illness Cover, each of your children between the ages of 1 and 18 years is automatically covered for €25,000, subject to a total cover for all children of half of the parents’ total Serious Illness Cover. Your children are covered by the same illnesses as you. Optional Benefits when you choose Serious Illness Cover Surgical Cash This provides a cash lump sum should you have to undergo any of a number of specified surgical procedures.
 
 Surgical Cash payments are tax-free under current legislation, can be spent in any way you see fit and will not reduce your Serious Illness Cover. Hospital Cash This provides a tax-free cash sum for each day you spend in hospital. This amount depends on the benefit level selected by you at the outset of the policy up to €180 for each day. To claim on this benefit, your hospital stay must be for at least three consecutive days. Cover is provided for hospital stays due to pregnancy when the policy has been in force for at least 9 months. After a Serious Illness claim, where Life Cover continues as part of your plan, the Hospital Cash Benefit will also continue. With the Canada Life Hospital Cash benefit, each of your children between the ages of 1 and 18 years is automatically covered for half of your Hospital Cash Benefit subject to a maximum of €60 per day, per child.
 
Personal Accident Benefit which provides you with a weekly income if you are unable to carry out your occupation for more than two weeks due to an accident. The weekly income is equal to the benefit level selected by you at the outset of the policy, subject to a maximum of half of your gross income. The maximum weekly benefit is €400 per week. You can receive this benefit while the disability lasts up to a maximum of 52 weeks, although no payment will be made for the first two weeks of disability. Permanent and Total Disability Benefit The list of illnesses covered by Canada Life is comprehensive but what happens if you are permanently disabled because of an illness or injury not included in our list? There are two options available to you:
 
Own occupation PTD; Receive your full Serious Illness Benefit if you become permanently unable to do your usual job because of disability before your 65th birthday. Due to the nature of this benefit not all occupations can be covered.
 
Any occupation PTD; Receive your full Serious Illness Benefit if, because of a disability, you become permanently unable to perform certain specified activities prior to your 65th birthday. Please consult your broker or agent for full details. Long Term Care Benefit In the event that you become permanently and irrevocably disabled after your 65th birthday through sickness or injury, you will be paid your full amount of Serious Illness Cover.
 
Permanent disablement, in this context, means that you will be unable to carry out three out of five predetermined activities of daily living without the assistance of another person. This benefit focuses on the effects of disablement rather than the cause of it, therefore providing comprehensive additional coverage against a wide range of lifestyle-changing events.

Policy Name: Life Flexible Term Plan
Policy Cost: From €5 per month
Policy Deductable: Varies

Cover Type: Basic to Fully Comprehensive
Cover Level: Standard - Premier
Cover Detail:
1.Minimum Term 10 Years
2.Maximum Term Whole of Life
3.Minimum Entry Age Minimum age at entry is 19 next birthday.
4.Maximum Entry Age Maximum age at entry for Life Cover is 70 next birthday, Accelerated or Standalone Serious Illness Cover is 64 next birthday.
 
Cover, Serious Illness Cover, (Standalone and Accelerated) is limited to a maximum of €750,000 per life. This amount is an overall limit e.g. if you already have €500,000 Serious Illness Cover, the maximum additional cover you can get with Canada Life is €250,000.
Premium Guarantee If Life Cover is the only benefit on the policy, there is a 10 year premium guarantee. Otherwise there is a choice of either fully reviewable premiums or a premium guarantee of 5 years.
Inflation Protector There are two options available:
1.Premiums and benefits increase at 5% p.a.
2.Benefits increase at 5%, variable premiums.
 
Policy Fee - For monthly cases the policy fee is €5 per month.
For quarterly cases the policy fee is €15 per quarter.
For half yearly cases the policy fee is €25 per half year.
For yearly cases the policy fee is €50 per annum.
 
Annual Management Charge Currently 1.5%
Bid/Offer Spread 5%

Application Methods: Online, Tel
Underwriter: Ask on application
Pay Monthly: Yes

Suitable:
For those seeking life insurance cover
Restrictions:
1. Minimum age is 18
2. Maximum age is 74
Availability:
1 to 40 years (Maximum age at expiry is 80 next birthday for Life Cover and 75 next birthday for Specified Illness Cover).
Discounts:
N/A

LIFE INSURANCE
Person Info: You must be at least 18 years old
        
REVIEWS
Canada Life (Life Insurance) (Which Way To Pay - 13/7/2011)
Canada Life (Life Insurance) is ranked 3 out of 5. Based on 1 review.

3 Star Rating

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