Critical Illness (CI) coverage – are your clients protected?

Healthy clients think that they can beat anything that life throws at them so they don’t need critical illness protection. But life isn’t always as simple as that. Strong, healthy people get critically ill as often as less healthy people. The difference is that the healthier you are, the more likely you are to survive. And survival comes at a cost that your clients might not have considered.

Have you spoken to your clients about CI? We have created resources that you can use today to start the conversation about the need for CI.

Who needs critical illness coverage?

In a word…everyone. But it’s your healthiest clients who are most likely to qualify for CI and who will benefit from it the most because their healthy lifestyle means that they are in the best position to survive a critical illness.

Surviving a critical illness often comes at a cost that most clients don’t consider. This is where Critical Illness Protection from ivari, as a rider or standalone product, can help. In 2016 alone, ivari helped thousands of people get Critical Illness Protection to ensure they will get the funds they need to make surviving a critical illness less financially stressful, and give themselves choices in how they deal with the recovery process.

It’s not about the money…it’s about what the money can do for your clients

Being diagnosed, and surviving, a critical illness can be the start of a long, exhausting journey.  For clients with Critical Illness Protection from ivari, the financial stress can be minimized without having to make the hard choice of consuming their life savings or retirement nest egg.

The funds from a critical illness policy have been used by clients to:

  • Cover loss of income during treatment and recovery, especially for those who wouldn’t qualify for a disability insurance payout.
  • Cover out-of-pocket medical expenses not paid for by provincial healthcare or private insurance plans.
  • Pay for travel expenses if medical care is not available in their hometown.
  • Take a voluntary leave of absence from work for the diagnosed person or a caregiving loved one.
  • Pay for additional childcare while they are recovering.
  • Modify their home if their illness has left them with physical challenges.

The market opportunity

Right now, less than 3% of Canadians have any type of critical illness insurance although a full 78% of Canadians admit to being concerned about finances should they become disabled or critically ill.†(1)

The healthier your client is, the more likely they are to survive a critical illness and the more they need Critical Illness Protection. While everyone can benefit from critical illness coverage, clients you may wish to talk to first about CI include:

  • Couples with children and single parents who may incur extra childcare expense while they are treated for, and recovering from, a critical illness.
  • Singles, couples and parents who are looking for an insurance solution to cover day-to-day costs if a critical illness results in a loss of income.
  • People who are putting money away for their retirement and want to protect their savings if they suffer a critical illness and need to cover out-of-pocket medical costs or home renovations for physical challenges.

In fact, every client should be asked the following question, and if they answer yes, they should consider CI:

“If you or a loved one were diagnosed with heart attack, stroke, or cancer, would a tax free payout help you focus on recovery and living through a difficult time, on your own terms, without worrying about your finances?”

All this and it’s affordable, too!

It might surprise you and your clients that CI coverage is a very affordable product. In fact, the annual premium for a $70,000 CI policy from ivari is only $321.00 – that’s less than $30 a month. This premium is based on a 35 year old Male, non-smoker 25 conditions Term 10 policy.

We’re making it easy for your clients to get CI protection

Clients can purchase Critical Illness Protection from ivari as a rider to their existing or new life insurance policy‡(2), or they can purchase it on their own. When purchased as a rider on a life insurance policy, clients can save up to 15%§(3) over purchasing these products separately.

A special offer for your healthiest clients

When applying for life insurance protection with ivari, if your client qualifies for a non-smoking Preferred or Elite class, they can take advantage of an automatic, pre-approved offer and receive Critical Illness Protection from ivari without additional underwriting or further evidence of insurability.

Get more information about ivari’s pre-approved Critical Illness Protection offer.

Plus… clients get access to Expert Medical Opinion Services (EMOS)

Critical Illness Protection from ivari offers clients and their immediate family access to Expert Medical Opinion Services provided by Advance Medical. A diagnosis of a critical illness is not required in order to access EMOS. With this service, clients can take advantage of many benefits including accessing some of the world’s finest medical minds for any reason including a second opinion or to determine the best course of treatment.

Start the conversation

We can help you talk to clients about the need for critical illness coverage and the benefits of EMOS. We’ve created some content you can share on social media and you can also share the piece below with your clients to help them understand that being healthy may be the best reason to purchase CI protection. And if you need help with common objections to purchasing CI , we have you covered there, too!

Critical Illness Protection brochure (LP1726)

†(1) LIMRA. Canadian Life insurance Ownership: Household trends 2013 and 2016 Canadian CI Participants Report. back

‡(2) Available on select plans only. back

§(3) Based on a 25-condition policy with an average Critical Illness Benefit amount of $70,000. back