ass1 - Assignment 1 Act Sci 4426F October 15th 2010 Lorelei...

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Assignment 1 Act Sci 4426F October 15 th 2010 Question 1
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Critical Illness Canada Life’s “LifeAdvance” Manulife’s “Lifecheque” Product Both provide a cash benefit to the policy holder if the policy holder is diagnosed with one of the listed conditions and survives the waiting period which is usually 30 days. Covered Condition s There are 22 conditions that are covered by both companies: cancer, heart attack, stroke, alzheimer’s disease, and others. Canada Life also protects against Aplastic Anaemia and Bacterial Meningitis, for a total of 24 covered conditions. Manulife offers versions of the plan that cover only a few of the above conditions in order to provide more economical options. Plan Options Both companies offer a range of benefit and premium options to add flexibility. Plan Features Both companies offer the following features: Medical Referral Service : This provides access to services from “Best Doctors” and is not guaranteed. Early Intervention Benefit : This provides a one-time lump sum payment if the policy holder is diagnosed with ductal breat cancer, early prostate cancer, or undergoes coronary angioplasty. Manulife’s payment is more generous. Canada Life also offers: Surgery Advance Charitable Donation Manulife also offers: Recovery Benefit Living Care Benefit Available Riders Both companies offer Return of Premium riders and Disability Waiver of Premium riders. Canada Life also offers riders for: Second Event Loss of Independent Living (Note: This is similar to the Living Care Benefit offered by Manulife) Manulife also offers: Child Lifecheque Rider (Note: CL offers a Child LifeAdvance product but it is not available as a rider) Long Term Care Canada Life does not offer a long term care product. Manulife’s “LivingCare” Plan Provides a monthly benefit in the event that the policy holder becomes “functionally dependent”, subject to a waiting period of 90 or 180 days. The amount of the monthly benefit depends on the selected amount of insurance and benefit option, which is the monthly rate at which the amount of insurance will be paid out. In addition, the benefit will also be higher if the insured is in a care facility. Premium Options Pay to age 100, pay to age 65 and 15 pay are all available. Premiums are guaranteed for 5 years only, after which time they may be increase or decreased. If pay to 100 is selected, premium amounts are guaranteed to not change after 20 years or the age of 75. Features This plan is available in a joint coverage that allows a married or commonlaw couple to share a pooled amount of insurance benefit. The pooled amount of benefit can be used by either or both
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ass1 - Assignment 1 Act Sci 4426F October 15th 2010 Lorelei...

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