Expertise Publication

Critical illness insurance in Canada

Critical illness insurance in Canada

The current product structure of the standalone, fully-guaranteed individual critical illness insurance product was launched in Canada more than 20 years ago. Yet penetration remains low at 3%. Scientific advances and next-generation medical diagnostics could undermine the viability of current CI products due to heightened risk of over-diagnoses and anti-selection. Could changing the current long-term guaranteed model benefit consumers and insurers in Canada alike?