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Mike Armstrong - ArticlesFor more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.
The Goods of Having a Critical Illness CoverArguably, the biggest wealth that someone can have is staying in good health. Sound health conditions open up chances to achieve many things in life. But you should realise the fact that anyone may contract a critical illness at any time in his lifetime. The Pros of Having a Critical Illness ProtectionWe live in a world where the future is unpredictable. We cannot take the chance and simply say that nothing can happen to us. Life is so precious and certainly not a thing to gamble with. The Growth of Critical Illness Insurance From 1984-1994Critical illness cover first made its appearance in South Africa during the year 1984. At that time critical illness cover was a merely raw product. The insurance market had yet to propagate the product and people did not know about it. Decrease of Critical Illness Sales in South AfricaThe South African market had not taken much time to adopt critical illness cover. The success of critical illness cover in the South African market may have been one worth considering. Should it not have been this way, critical illness cover might not have reached worldwide destinations as successfully as we see nowadays. However, Munich Re 2000 affirms that accelerated critical illness policies may be enduring a downfall recently. Let’s see. Critical Illness Insurance in the South African MarketThe root of critical illness insurance lies in South Africa. Critical illness cover became a must as the health care system at that time in South Africa could not cope with the costs for critical illnesses. The idea stemmed from a discussion between a surgeon and the chief executive of a life office. Since then critical illness cover in South Africa had been one of the most prolific markets around the world. Let’s have a look. The Progress of Critical Illness Insurance in East AsiaCritical illness cover appeared in East Asia during the year 1988. Since then, it may have been a success for the market. Besides, countries such as Malaysia, Hong Kong, Singapore and Taiwan all form part of the East Asian insurance industry. Companies in nearly all these countries may have been marketing critical illness cover successfully. Let’s have a look at the development of critical illness cover in East Asia. Useful Information About Critical Illness Cover in East AsiaLikewise to other countries such as UK, South Africa, etc various causes of critical illness exist in East Asia. In East Asia also, probably most of the critical illness claims come from cancer. Cancer may have made around 77 percent of critical illness claims from men. Growth of Critical Illness Cover in CanadaLikewise to the USA and the UK, the process of integration of critical illness cover in the Canadian market had been slow. But the Canadian life industry expects to see critical illness insurance be as successful as in the UK during the coming years. Let’s have a look at how critical illness cover developed in Canada. The Expansion of Critical Illness Cover in CanadaThe creditor critical illness cover appeared in the Canadian insurance market during the year 1997. This type of critical illness cover may have then been combined to mortgage protection insurance. Canadian dollar 12 million may have been recorded during the year 2000, accounting for premium amounts due to creditor critical illness cover. This amount may have represented a 100 percent increase in premium value since the year 1997. Critical Illness Cover in UK Vs Usa Vs CanadaThe adoption of critical illness cover had been relatively slow in the USA. In contrast, critical illness insurance may probably hold a much higher importance for the UK insurance market. The effort to boost critical illness cover sales by the DSF had led to its success in the UK. On the other hand, accelerated critical illness policies accounted for many sales than standalone critical illness covers in the UK.
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