“Critical illness insurance, a product still poorly understood”

At MICA, this statistic is surprising. “We didn’t have any problems with complaints,” assures Louis Thibault.

COVERED, NOT COVERED

However, not everyone fully understands the concept of critical illnesses. The AMF report, based on data provided by some twenty insurers, also showed that consumers do not always understand all the clauses in the contract, which are often written in medical and technical jargon that is difficult for the uninitiated.

“Not all cancers are covered by this type of insurance, only those that have the potential to lead to death, explains Louis Thibault. Some skin or breast cancers, for example, are not life threatening and therefore not eligible. This also applies to other diseases such as heart attack. It all depends on the damage to the heart. »

“It’s a harder product to sell in that you have to take the time to explain it well and ask the customer for all the necessary information, including family history,” he adds. From one insurer to another, the types of coverage differ. It is our responsibility to give all information to the customer. “.

A PRODUCT IN DEMAND

At MICA, demand is increasing for AMG. “We sell a lot of them, especially for children,” says Louis Thibault. Parents often have to stop working to take care of their sick child. Critical illness insurance can compensate for a temporary loss of wages and help cover the cost of certain medications. »

“People’s first instinct is to take out life insurance. However, what can put us in the most trouble is a long illness that requires expensive care. It is in these circumstances that critical illness insurance takes on its full value,” he says.

At what age is it best to take it for yourself? “The sooner the better. However, before acting, people often wait for the first sores to appear or when loved ones fall ill,” he notes.

It is also a question of financial means. AMG can be expensive. From one insurer to another, the price range is rather wide depending on the coverage offered and the type of insurance chosen – permanent or temporary, according to Louis Thibault.

“You have to do a needs analysis to determine whether it’s worth it or not,” he advises. It’s case by case. Critical illness insurance is particularly suitable for entrepreneurs who do not benefit from group insurance. She then completes the disability insurance. »

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