A series of conversations about the benefits and complexities of Critical Illness insurance

At Munich Re, we're committed to supporting the success of insurance carriers and helping them serve the evolving needs of Canadians. Through this discussion series, we'll tackle some of the key questions and challenges our clients face, with the goal of collaborating as an industry to develop Critical Illness (CI) insurance products that meet the needs of Canadians while ensuring long-term sustainability for insurers and reinsurers.

Chapter 3: Challenges to selling and administering a CI policy

Critical illness insurance sales are steady but slow in Canada. Why aren’t more policies being sold? It’s possible that Canadians believe our universal healthcare system will be sufficient if they were to experience a critical illness. Another potential deterrent is the lack of understanding of what conditions are covered under a policy as well as their severity, e.g., a mild heart attack vs. a severe heart attack.  This is why it is important for potential customers to understand the need and value of a CI policy. Education—for both advisor and consumer—is essential. The Canadian Life & Health Insurance Association’s Education Guides are a good start, but there is more work to do.