Critical Sales Down in 2007

Posted on August 15, 2008 and updated June 18, 2010 in Life Insurance Canada News 1 min read

According to the latest report by LIMRA International, Critical Illness insurance policy sales decreased by 3% between 2006 and 2007 from $84,983 to 82,397. For the industry premiums dropped from 78 million in 2006 to $77.2 million in 2007. These data were published in the August 2008 Insurance Journal.

Lorne’s Comments:
The drop in sales can be largely attributed to many captive agents and brokers not properly understanding the product. Critical illness is a much more complicated form of insurance than life insurance. The underwriting is also much more stringent.