The adoption of critical illness cover had been relatively slow in the USA. In contrast, critical illness insurance may probably hold a much higher importance for the UK insurance market. The effort to boost critical illness cover sales by the DSF had led to its success in the UK. On the other hand, accelerated critical illness policies accounted for many sales than standalone critical illness covers in the UK. Furthermore, in the USA, dissimilar to the UK, most critical illness cover sales may come from standalone policies. There could be two reasons to support this fact. To start with, the way the product is sold and marketed in both the US and the UK may differ. Secondly, the USA may contain an elevated population if compared to that of UK. Therefore, critical illness cover may take a fair amount of time to be known by the vast population in the USA. Moreover, there had been researches carried out by Lotter Actuarial Partners Inc. which demonstrated that the marketing of critical illness cover may be more fruitful on a short time basis. Thus, many opportunities about critical illness cover both as rider and standalone may arise. The â€blue collar market’ may benefit from the riders meanwhile the â€white collar market’ may benefit from the standalone critical illness policy. But a new critical illness cover design might not have already been introduced in the USA. It is believed that by doing this, critical illness cover sales may take an ascent. The time frame for critical illness cover sales to reach a peak in the USA may still be unknown but the product may be believed to eventually succeed. Additionally, concerning the Canadian market, critical illness cover may be considered as a recent product. Critical illness cover made its arrival in the Canada during the year 1993. Likewise to the USA, it had taken quite some time for critical illness cover to be known in Canada. Firms that had introduced critical illness cover to the Canadian market had a more positive perspective about the success of the product at that time, but in vain. But as time passed by, more and more companies started to enter the insurance market with an aim to provide critical illness cover. Nowadays, there may be around 20 companies in Canada selling critical illness cover but a considerable increase may be predicted. Also, banks may be offering critical illness cover on mortgages and loans. According to Munich Re, 2000, more than 40 percent of critical illness policies in force may have been bought in the year 1999. In the year 2000, there may have been around 15,000 critical illness policies in force. Furthermore, in the year 1998 there may have been around 8,500 policies which may have amounted in premiums summing up to Canadian dollar 8 million to 9 million. The entering of more and more companies in the Canadian insurance market as said previously may be confirming an increase in critical illness cover sales for the coming years. Canadians may be noticing the importance of critical illness cover as it may have provided an alternate means for the healthcare systems which may be way too expensive for all people to afford. The ageing population in Canada may have also accounted for the recent critical illness cover boosts. If assessed in order, critical illness cover sales may have been more significant in the UK, then Canada and finally USA. Although critical illness cover had been introduced in the USA much before than in Canada, it can be seen that the Canadian market had been more prolific in terms of sales.
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