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A Strong Canadian Insurance Industry During COVID-19 Thumbnail

A Strong Canadian Insurance Industry During COVID-19

Insurance

Many clients have reached out to us in the past weeks, prompted by the COVID-19 Pandemic.

They have been concerned about the financial stability of their provider for life, disability and critical illness insurance, and they have been concerned about the current limitations of their own insurance programs.

This is an important question as we all depend on a strong insurance sector in Canada to be there for ourselves and our families when it is needed most.

A properly structured insurance strategy is the backbone of our financial security and integral to financial plans.

We have two important messages for our clients:

  1. Canadian Life and Health Insurers remain one of the most stable sectors of the insurance marketplace globally. We are fortunate in Canada to have a well capitalized and well managed insurance industry, guided by stringent government regulations.
  2. Due to the COVID-19 Pandemic, many leading insurers have reduced or eliminated many of the stringent underwriting requirements for life and health insurance products to allow Canadians to reassess their needs. This simplifies the process to gain increased coverage and reduces the complexity of medical requirements during this stressful time. They have allowed for online applications and electronic signatures so physical distancing rules can be respected.

If you are concerned about the financial health of your insurer, please reach out to us as we are confident this remains a strong industry.

If you are sensitive about the current state of your insurance coverage and you would like to reassess your needs, please let us know. 

Our office remains staffed as we are deemed an essential service, though the majority of our employees are working from home.  

Our intent in this message is not to market to you – we seek to reassure our clients that our doors remain open. The industry is strong and life insurance companies have taken unprecedented steps for Canadians to access financial security products with greater ease for the protection of their families and businesses should they require it.

Please contact us with any questions or discussion you'd like to have.