As we are all aware, the incidence of Canadians getting sick with a critical illness and living normal healthy lives increases every year. The statistics are staggering, with roughly 1 in 2 Canadians being diagnosed with either cancer or a heart attack by the age of 65 everyone you speak to likely knows someone who was afflicted with one of these conditions.
From one perspective, the fact that Canadians are living long healthy lives after surviving a serious condition is amazing. Families remain intact and get to share joyous occasions for many years. Another perspective is that there is a cost to getting sick, and most families are not prepared to meet those expenses. A critical illness policy that provides a lump-sum tax free benefit to a family during one of the scariest most uncertain times can only strengthen our value as advisors and demonstrate that we truly care for our clients.
Canada Life has stepped up in a big way to address the insurance gap that exists for most clients with their offer of $100,000 critical illness insurance. This offer is for clients who have applied for a life insurance policy in the past 6 months. Canada life will use the medical information available in the life insurance file to underwrite the critical illness policy.
The process is quite simple, all advisors need to do is:
Talk to their clients about the benefits of CI insurance and prepare a CI illustration for them
Consider the age and amount requirements for a CI policy relative to the life insurance policy that the client applied for, and advise their client that further underwriting requirements may be needed
Submit the CI illustration to their New Business associate
Let their client know that they’ll need to participate in a customer interview for questions that weren’t asked on their life insurance application. To help make this process as smooth as possible, advisors should ask their client to have their identification ready for their interview, as well as personal information (i.e. lifestyle activities), health information, and financial information
If additional information is required then the arrangements will be made by Canada Life
This is a limited time offer and will expire August 31, 2017 so get in touch with your clients today!
Ken Poniatowski, CFP®
Business Development Manager