Those choosing to avail of whole and term life insurance from Empire Life may now get added protection from a new disability rider.
Launched last week, the Empire Life Disability Credit Protect is available on most term and whole life insurance plans offered by the company. Through the benefit, policyowners can get financial protection in the event of a life-altering disability that prevents them from working. They can receive funds to use for different purposes such as replacing their income, covering short-term expenses or rent, and making mortgage or car payments.
“Now more than ever, Canadians are looking for ways to protect their finances and preserve their family's lifestyle when the unexpected happens," said Mike Stocks, vice-president and chief marketing officer, Retail.
According to stocks, using Empire Life Disability Credit Protect in conjunction with the insurer’s Solution 25 term life insurance coverage offers an “attractive, competitively-priced alternative to mortgage insurance offered by the banks.”
In the case of mortgage life and disability insurance bought from banks, the benefits go directly to the lender and are used to pay off the policyowner’s mortgage; individual life insurance benefits, on the other hand, are paid to the beneficiary, who can use the funds for any purpose. In addition, unlike bank-bought insurance, individual life insurance policies stay with the policyowner even if they were to change lenders.
Empire Life policyowners can easily get more complete protection by combining Empire Life Disability Credit Protect with a critical illness insurance rider.
“Our goal is to help ensure Canadian families can protect their loved ones financially in the event of serious illness, disability or premature death,” Stocks said. “We believe Canadians deserve simple, affordable solutions that will help protect their loved ones financially and give them peace of mind.”