A critical illness often happens to the healthiest people we know. And the healthier the client is, the more likely they will survive the initial event and not need to use their life insurance – but would certainly benefit from owning a critical illness policy. Pierre Ghorbanian, Business Development Director, Advanced Markets, BMO Insurance never expected to become a statistic.
Read his story and contact your clients today! “On December 4, 2016, I officially became a statistic. At age 39, I had a heart attack.”**
As Pierre’s case illustrates, the consequences of a critical illness can be both financial (unforeseen health care costs, supplemental income replacement) and emotional (stress on patient, family and friends).
Here are some quick facts to keep in mind when you talk to your clients about critical illness insurance:
Who’s buying CI? - Average age is 35
- About equal sales between men and women
- 91% of sales are to non-smokers
| Buying patterns - Average annual premium is about $1,153
- Average size benefit amount is $79,000
- 73% of sales have a return-of-premium feature
| Key claims statistics 1. Cancer (64%) 2. Heart attack (13%) 3. Stroke (5%) 4. Coronary artery bypass surgery (3%) 5. Multiple Sclerosis (3%) 6. Other (13%) |
Source: Munich Re 2016 Individual Insurance Survey
BMO Insurance offers competitive renewable and guaranteed convertible critical illness as part of the Living Benefit series.
BMO Insurance Ranking1
$100,000 Benefit (includes ROPD)
| Male Non-Smoker | Female Non-Smoker | Base + ROPD | 30 | 35 | 40 | 45 | 50 | 30 | 35 | 40 | 45 | 50 | Living Benefit 10 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 2 | Living Benefit 20 | 1 | 2 | 2 | 2 | 3 | 2 | 1 | 2 | 1 | 2 |
Bundle up and Save!
- Living Benefit plans available as a rider on all Term and UL policies
- Multi-policy fee discount available when Living Benefit plans and Term plans are submitted at the same time
BMO Insurance Health AdvocateTM Plan - available at NO Extra Charge
- BMO Insurance Health Advocate Plan is not just medical resource support for critical illnesses or just available at claim time. It’s a comprehensive range of health counselling and personal assistance services that are available anytime!
1 Companies surveyed: BMO Insurance, Canada Life, Desjardins Financial, Equitable Life, Foresters Insurance, Industrial Alliance, ivari, Manulife, RBC Insurance, SSQ Insurance, and Sun Life. ROPD included in the calculations. Loss of Independence included in the calculations. Not all companies surveyed offered all product options. Ranking is based on the lowest annual premium .The comparison was performed based on information believed to be reliable and in effect as at January 7, 2017. BMO Insurance is not liable for any errors or omissions in the information derived from third party sources. Source: LifeGuide (2017.01) and software illustration.
**Article Source - (in English only) : advisor.ca/insurance/living-benefits/this-advisor-never-thought-hed-need-ci-coverage-then-he-did-223904
MB 464 (2017/09/21)
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