Individual Disability Insurance Sales Increase in 2011
Disability insurance
sales have risen.
Photo by wlodi
As reported in the April 2012 issue of The Insurance and Investment Journal, disability insurance sales rebounded in 2011 from a two-year lag.
After that slide, policy sales in the Canadian disability insurance marketplace rose by 12 per cent and premiums grew by 4 per cent in 2011 compared with the previous year.
Disability insurance sales experienced their first upswing in four years. The increase is in response to the solid growth of non-cancellable products, which had been in a tailspin before 2011. Non-cancellable products are aimed at professionals and mean the insurance company can not adjust the premiums or cancel the policy.
Cancellable, or conditionally renewable, disability plans differ from non-cancellable plans because they offer the insured fewer guarantees. Cancellable plans mean premiums can be adjusted and coverage can be terminated on a class-wide basis
For more details on disability insurance in Canada, please contact us at 1-866-899-4849 or visit our Disability Insurance Quote Page.
Posted by Chantal Marr.
Chantal Marr is a member of the Independent Financial Brokers of Canada.
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Another good reason for the growth in disability insurance sales is the changing workforce in Canada. More and more professionals and highly skilled workers are becoming self employed, needing to cover their own benefits.