Individual Disability Insurance Sales Increase in 2011
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.