Advisors are missing an opportunity to capture the critical illness insurance market as only 16 per cent of Canadians own a policy.
Advisors are missing an opportunity to capture the critical illness insurance market as only 16 per cent of Canadians own a policy.
According to a BMO study, two thirds of Canadians believe that developing a critical illness or becoming disabled would have a significant financial impact on their or their family's standard of living. Yet only 16 per cent of Canadians have purchased insurance policies that cover death, critical illness and disability.
The familiar refrain from clients of expense (38 per cent), their good health (27 per cent) and adequate work coverage (26 per cent) are the top barriers for brokers. Focussing on dispelling these doubts will allow brokers to bite a chunk of the underserved critical illness segment of the market.
"It's clear that Canadians want to provide for their loved ones and take the necessary steps to ensure that any and all outstanding bills will be covered in the case of death, illness or disability," said Rocco Casullo, Head, Direct to Consumer Insurance, BMO Insurance. "While we can't predict the unexpected, putting a comprehensive and easy solution in place when (clients) are young and healthy will help ease the financial stress associated with events that could happen later in life."
The study reveals 65 per cent of Canadians believe that developing a critical illness or becoming disabled as a result of an accident would have a significant financial impact on their or their family's standard of living.
Further, more than half (55 per cent) believe it would take fewer than six months for them to start feeling financially strained if they became seriously ill or were disabled; more than a third (38 per cent) would feel financially strained in fewer than three months.
According to a BMO study, two thirds of Canadians believe that developing a critical illness or becoming disabled would have a significant financial impact on their or their family's standard of living. Yet only 16 per cent of Canadians have purchased insurance policies that cover death, critical illness and disability.
The familiar refrain from clients of expense (38 per cent), their good health (27 per cent) and adequate work coverage (26 per cent) are the top barriers for brokers. Focussing on dispelling these doubts will allow brokers to bite a chunk of the underserved critical illness segment of the market.
"It's clear that Canadians want to provide for their loved ones and take the necessary steps to ensure that any and all outstanding bills will be covered in the case of death, illness or disability," said Rocco Casullo, Head, Direct to Consumer Insurance, BMO Insurance. "While we can't predict the unexpected, putting a comprehensive and easy solution in place when (clients) are young and healthy will help ease the financial stress associated with events that could happen later in life."
The study reveals 65 per cent of Canadians believe that developing a critical illness or becoming disabled as a result of an accident would have a significant financial impact on their or their family's standard of living.
Further, more than half (55 per cent) believe it would take fewer than six months for them to start feeling financially strained if they became seriously ill or were disabled; more than a third (38 per cent) would feel financially strained in fewer than three months.
