Remember Me
forgot your password?

Developments of Critical Illness Cover Sales in the Usa and Canada

The US market, on a whole had been slow to adapt with critical illness insurance. While in the UK critical illness cover is one among the most famous insurance policies, in the US it may be a completely different thing. On the other hand, most critical illness cover sales in the UK might have come from accelerated policies. In the US, most critical illness cover sales may turn out to be standalone critical illness policies. There may be two reasons to explain this fact. Firstly, the way the product is marketed may not be the same in both US and UK. Secondly, there may be a larger health market in the USA. Hence, a greater amount of time may be involved for critical illness policy to be known by many people.

Moreover, according to research carried out by Lotter Actuarial Partners Inc. worksite marketing may show more potential on a short time basis actually. There may be several opportunities concerning critical illness insurance as both rider and standalone. More precisely, the rider benefits may be aimed at the ‘blue collar market’ whilst the standalone critical illness policy may be pointed to the ‘white collar market’ where there may be already life cover. For critical illness cover to make a good success in the US market, a big company might need to develop a new design for this product. There had been certain indications that critical illness sales may accelerate. While the timescale is still unknown, the product is predicted to succeed in the US market.

Furthermore, critical illness insurance can be considered as a recent insurance policy in Canada as it was firstly introduced in the year 1993. According to Munich Re, 2000, the adoption of critical illness cover in the Canadian market had been a relatively slow one. The insurance industry had expected a more rapid growth of critical illness insurance. Gradually, more and more companies had started to step into the market, with approximately 20 to count nowadays. This number is expected to increase during the coming years. On the other side, banks may be also starting to make their presence felt in the insurance market as they had started to offer critical illness cover on mortgages and loans.

As per Munich Re, 2000, more than 40 percent of critical illness policies in force could have been purchased in the year 1999. In the year 2000, there may have been around 15,000 critical illness policies in force. In the year 1998 there may have been around 8,500 policies which may have amounted in premiums summing up to Canadian dollar 8 million to 9 million. As a matter of fact, the sales related to critical illness insurance made in the year 1998 could have been twice as that made between 1993 to 1997. The trend is expected to continue as more and more companies are getting into the insurance market with the aim of providing critical illness cover. Thus, its importance may be growing rapidly in the Canadian market. Probably the most supportive reasons why people may have chosen critical illness cover can be due to its ageing population and expensive healthcare costs.

Critical illness insurance had been adopted quicker in Canada than in the US. Though critical illness insurance may be considered new in Canada, its sales may have been greater than in the US. This may however depend on how the product had been marketed.

Rate this Article: 0 / 5 stars - 0 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Insurance Articles
  • More from Mike Armstrong

Car Insurance - Discounts and Ideas on How to Save

By: Marcel A Johnson | 04/12/2009
Auto insurance companies in California offers many discounts. This article talks about these discounts and other tips which you can use to help you save money. If you want to lower your premiums, the first thing that you can do is...

Mammograms: What the new guidelines mean

By: Rick Lewis | 04/12/2009
When Vesta Ray heard the new recommendations for breast cancer screening, she had two words

State employees allowed to retain St. John's

By: Rick Lewis | 04/12/2009
State employees who like their St. John's network doctors will get to keep them for at least another year under a deal reached this week

Bond to vote 'no' for health care

By: Rick Lewis | 04/12/2009
Senator Kit Bond, of Missouri, will vote “no” in tonight’s Senate Health Care Bill vote.

Top hospitals dispute cost rankings

By: Rick Lewis | 04/12/2009
Leaders of Maryland's renowned teaching hospitals are feeling vulnerable as the push for a health care overhaul focuses attention on the tremendous differences in hospital costs around the country.

Maryland: Increasing Adult Eligibility While Cutting the Budget

By: Rick Lewis | 04/12/2009
In addition to using innovative outreach strategies to enroll children in Medicaid and CHIP, Maryland recently began expanding Medicaid coverage to low-incom

New Dental Clinic Opens in Eastern Panhandle

By: Rick Lewis | 04/12/2009
Betty Russell had plenty to smile about Dec. 1 as guests made their way through the Eastern Panhandle's new Healthy Smiles Community Oral Health Center on Warm Springs Avenue.

Public Attitudes Towards Life Insurance - Part 2

By: Mike Armstrong | 15/01/2009 | Insurance
The question has two interesting elements. First, it asked who should be able to see the information. Although it did not ask whether insurance companies, for example, should be able to use results of the genetic tests in deciding coverage or rates, a likely interpretation by many respondents was that having access to the information could lead to some (possibly adverse) action.

Public Attitudes Towards Life Insurance - Part 1

By: Mike Armstrong | 15/01/2009 | Insurance
When the Human Genome Project officially began in 1990, the first social concern to generate widespread interest was the possibility that health insurance companies would use predictive genetic information to charge individuals higher rates or to exclude them from coverage.

Critical Illness Cover-see to it That Your Claims are not Turned Down

By: Mike Armstrong | 09/09/2008 | Insurance
To obtain full benefit from critical illness cover, reading your policy documents attentively can be vital. Critical illness claims may be becoming less frequent these days. But still, people find their claims being turned down. Non disclosure is one common factor that leads to a critical illness cover being turned down.

Discounted Critical Illness Policy- a Plus or Not?

By: Mike Armstrong | 09/09/2008 | Insurance
Discounted critical illness insurance as its name mentions, can be obtained at an affordable price. Discounted critical illness insurance may sometimes be confused with private medical insurance. Private medical insurance may pay for the treatment procedures in the event of a critical illness.

Discover the Various Aspects of Having a Critical Illness Policy

By: Mike Armstrong | 09/09/2008 | Insurance
Having a critical illness policy is not just a measure of precaution for the future. It can also be considered as a means to save you money. The idea of having a critical illness policy is fine.

How to Obtain a Successful Payout With Critical Illness Cover?

By: Mike Armstrong | 09/09/2008 | Insurance
Critical illness cover is considered as a rather complex form of insurance. Critical illness cover has many underlying stipulations. Obtaining a successful claim under critical illness cover may not be as easy and direct as life or car insurance. With life insurance, the insurer simply has to confirm your death.

Mortgage Critical Illness Insurance- a Good Investment or Not?

By: Mike Armstrong | 09/09/2008 | Insurance
First of all if you are worried about the safety of the family or want to set everything right for the future, you are probably wondering about taking a mortgage critical illness insurance. Fine idea as it is, to get the best mortgage critical illness insurance you must have to somehow get busy.

Securing yourself Financially for the Future With Critical Insurance

By: Mike Armstrong | 09/09/2008 | Insurance
Critical insurance has become one of the most rapidly growing forms of insurance available today. According to tiscali.money, over 1 million of critical insurance policies may have been sold in the UK in the year 2002.

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.24, 6, w2)