Clarica announced today that Canadian customers can now purchase Basic Critical Illness Term Insurance online at clarica.com, as well as through Clarica’s agents.

A unique feature of Clarica’s online offering is that the entire sales process can be completed electronically and includes immediate online approval, providing choice and convenience for customers.

Barry J. Triller, executive vice president, Canadian Customers, said “all steps in the process, including a request for a premium quotation and application and underwriting are completed online using credit card and automatic chequing withdrawal options, electronic signature and simplified underwriting approval.” He noted that this new offering strengthens Clarica’s leadership position in the critical illness insurance market in Canada and in providing retail health insurance products via the Internet.

Triller said that demand for critical illness insurance has increased dramatically in recent years as Canadians seek to ensure that they will be provided for “if something happens.”.

Triller said that Clarica’s online Basic Critical Illness Term Insurance will be attractive to the 25-40 age group and covers the four critical illnesses with the highest incidence rates; cancer, stroke, heart attack and coronary disease. These four illnesses account for more than 80 per cent of all Critical Illness claims. The standard version covers up to 18 illnesses. The basic online version offers coverage of $25,000, $50,000 and $75,000. Issue age is 21 to 55 years, term is 10 years, guaranteed renewable, and in force age is up to 75 years old.

The plan provides lump sum cash benefit, payable on the first diagnosis of one of the covered illnesses. Triller said that while survival rates are increasing, recovery take months, meaning a drop or loss of income and related out-of-pocket expenses. The critical illness cash benefit allows the money to be spent any way the claimant chooses. It can be used to bridge the gap between government and personal health care plans, alternative medicine, therapy, replace lost income or renovate a home to accommodate special needs.