Some 1.6 million Americans purchased critical illness insurance protection according to the American Association for Critical Illness Insurance (AACII).
"Most coverage is still purchased through the workplace but we see growth potential for individual policy sales," reports Jesse Slome, AACII's director. Currently five million Americans have some form of cancer-only or comprehensive critical illness insurance coverage according to the organization.
The latest report from the Association is part of the recently launched awareness campaign.
"A one and a half million new certificates and policies is a significant number," cites Slome. "At its peak, some 750,000 Americans purchased long-term care insurance, just to put this into perspective." Slome also heads the American Association for Long-Term Care Insurance.
The number of buyers does not surprise Slome. "Critical illness insurance is the ideal protection for the roughly 150 million GenXers and Millenials," he explains. "These individuals clearly understand the risk they face. I am betting that most buyers know someone in their age group who has been diagnosed with cancer. They have seen the financial impact it takes."
The critical illness insurance expert notes that individuals who have health insurance often face significant health-related costs. "So many have high-deductible plans to which you add out-of-pocket costs," Slome notes. "Health insurance premiums have to continue to be paid even while you receive care."
The Association recently released information on critical illness insurance buyers. "The average age for buyers was roughly 47, while buyers of group policies sold through the worksite averaged closer to 42", Slome shares.
The American Association for Critical Illness Insurance advocates for the importance of critical illness planning and supports insurance professionals who market cancer and ci insurance products. To learn more visit the organization's website at www.criticalillnessinsuranceinfo.org or call the organization at 818-597-3205.