| Critical illness insurance had been a | | | | than life insurance policies also known |
| little slow to be known in Canada. More | | | | as life policies. This may sum up to 30 |
| precisely, it took around five years. | | | | to 40 percent of women who may possess |
| However, the Canadian life industry | | | | critical illness policies. One fact that |
| believes that critical illness insurance | | | | could explain this may be that many |
| may adopt a similar trend where it had | | | | business owners in Canada could be |
| been a success, for example UK. As a | | | | women. |
| matter of fact, the boost in critical | | | | Moreover, when critical illness was |
| illness sales may be expected to occur | | | | initially introduced, it was a |
| imminently. | | | | standalone plan. Gradually, it was |
| Contrary to the UK, where probably most | | | | combined with disability and life |
| critical illness sales come from the | | | | insurance. Actually, insurers may be |
| Direct Sales Forces (DSF), in Canada, | | | | giving a new look to the critical |
| sales most likely come from the agency | | | | illness cover policy design. This may |
| field force. The agency field force may | | | | aim at giving more benefits to potential |
| comprise of brokers, associates and | | | | customers. They had chosen to accelerate |
| agents. Group critical illness or | | | | the death benefit of a life policy upon |
| employer sponsored critical illness may | | | | diagnosis of a critical illness. Other |
| be becoming more popular than individual | | | | companies might also be choosing to give |
| critical illness in Canada. Some | | | | limited critical illness coverage on a |
| critical illness sales may have also | | | | guaranteed issue basis. Furthermore, |
| been made through the worksite | | | | Return of Premium (ROP) was another |
| marketing. As the Canadians become | | | | tactic used by insurers in Canada. |
| friendlier to critical illness | | | | Having this on a critical illness policy |
| insurance, companies believe that sales | | | | meant competition with other companies |
| may somehow be made by direct response | | | | as it probably represented an advantage. |
| programmes in the future. Also, the | | | | Some companies had the ROP automatically |
| internet could be used to target | | | | integrated in their policies as a rider |
| possible customers as the Canadian | | | | benefit. On the other hand, other |
| Industry had started to become mature. | | | | companies refunded the premiums if the |
| According to Munich Re, 2000, there had | | | | policyholder stayed in good health until |
| not been a specific market for critical | | | | the end of the policy. Other firms |
| illness sales in Canada. Policy holders | | | | provided their customers with the ROP on |
| may vary from young to old, males to | | | | lapse benefit which refunded the |
| females and small business owners to | | | | premiums upon ceasing the critical |
| professionals. However, a trend had been | | | | illness policy. Some people view this |
| noted. People who earn more money tend | | | | option as misleading as companies may be |
| to buy critical illness cover than those | | | | in fact encouraging their policyholders |
| who earn less. The reason behind may be | | | | to terminate their policy prematurely. |
| that critical illness policies could be | | | | The adoption of critical illness |
| quite expensive. The high price of | | | | insurance may have been slow to be |
| critical illness cover could be because | | | | adopted in Canada. But as awareness |
| the policy may stand for lifetime. | | | | increases among people, it could end up |
| Additionally, women have been recorded | | | | becoming as popular as in the UK. |
| to buy most critical illness policies | | | | |