Average age of Canadians looking online for critical illness health insurance quotes

Armen Hareyan's picture
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Critical Illness Health Insurance

Kanetix (www.kanetix.ca), Canada's insurance marketplace, released the results of a study that show the average age of shoppers getting online critical illness insurance quotes was 42 in 2006 - coincidentally the same average age as individuals shopping online for life insurance.

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"Like life insurance, critical illness insurance is usually something we only consider as we age, assume more responsibilities and acquire assets we want to protect," explains Gregory Ellis, Co-founder of kanetix. "By age 42, many Canadians have children, mortgages and plans for retirement. Unfortunately, this is also around the time when we start to witness first-hand our friends, family and colleagues afflicted with a critical illness. Thankfully, due to medical advances many survive, but the cost of recovery - like time away from work - can often be disastrous."

A unique product, critical illness insurance provides a lump sum payment to help with the cost of recovery should the insured become critically ill during the term of the policy. It is often used to help maintain a pre-illness lifestyle. The lump sum payment comes at a time when it's needed most, to be used in any way. This can mean covering extra health care bills, alternative medicines, business expenses, pay off debts or a mortgage, home renovations or treatment abroad

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