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