According to Equitable Life, the new life insurance product, which is available to people aged from 40 to 80, will provide up to $50,000 of lifetime coverage with eligibility based on just a few simple health questions.
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The life insurer said that medical exam will not be required, but an additional benefit will be paid if death is accidental.
Equitable Life senior vice-president of individual life and health, Michael Dawe, said: "Many Canadians would like to provide a small amount of cash for their beneficiaries, but don’t want to go through the hassle of a medical exam.
"Final Protection is ideal for replacing group benefits at retirement; covering outstanding debts, medical bills and final expenses; or leaving a small inheritance to loved ones or a favorite charity. And the easy electronic application means that policies can be issued in a fraction of the time it takes for traditional products," Dawe added.
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