September 27, 2018 07:00
The rise of programs of critical illness insurance to issue simplified also helps to the popularity of the product.
“In Canada, people are increasingly interested in critical illness insurance because they have not, in this case, to comply with requirements that go hand-in-hand with the subscription. When some of these streamlined solutions are accessible, occasionally it is treated less strictly a family history of health, ” says Joseph Trozzo, who during an interview with the Journal of insurance working for the agent-general QFS Canada. He now works for another company.
The coverage offered by serious diseases varies according to the insurer. Some require that the record meet four or five conditions, while other regimes, such as permanent insurance, there are 22 to 25. The problem, in many cases, is linked to the multitude of examinations and medical tests to undergo : much finally decide to look elsewhere. “The advent of the streamlined programs has opened a whole new market for many advisers,” says Mr. Trozzo.
Even the sound of a bell at Humania Assurance. “We have recently seen a spike in sales of critical illness insurance, with its simplified, accurate Michael Suska, national sales manager. It is an excellent combination of customers that may have tried to obtain insurance or whose health may be prevented from having a traditional way. They do not need to undergo a long process of underwriting for this product. The whole process takes ten minutes in all and everywhere. “
In the case where Humania offers a life insurance policy standard by its underwriting process automated in-line, the system can also offer critical illness insurance on-the-field, said Mr. Suska. Humania also distributes its products to independent advisors who, according to Mr. Suska, have the concept of critical illness insurance in a more concrete manner to the clients. He announced that the company will launch in the fall of a product line focusing first on critical illness, and aiming at the market of the baby boomers.