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Critical Illness Insurance Awareness Essential Among Gig Economy Workers
From:
American Association for Long-Term Care Insurance American Association for Long-Term Care Insurance
Los Angeles , CA
Tuesday, October 13, 2020


critical illness insurance planning
 

The freelance or gig worker economy is growing three times faster than the traditional workforce in the United States according to the American Association for Critical Illness Insurance (AACII).

"According to the Bureau of Labor projections, the percentage of Americans who are defined as gig economy workers will increase to 43% this year," shares Jesse Slome, director of the national organization.  "There are 57 million U.S. gig workers who work either full-time or part-time and the Covid virus will only increase that number."

"Gig economy workers depend on their ability to work in order to pay their rent or mortgage, to pay bills," cites Slome.  "If they are unable to work, what will replace the loss of income?"

New research shows that 44 million workers, or 28 percent of the U.S. labor market were self-employed at some point during a given week in 2019.   "One study reported that 14 percent of U.S. workers said being an independent contractor was their primary job, " Slome cites.  "Current estimates project two million Americans driving for Uber and Lyft.  Another two million are real estate agents."

Far too few of these self-employed or gig workers have a Plan B to replace lost income resulting from an illness or a critical illness diagnosis.  To help educate more Americans, the Association has initiated an educational effort in conjunction with Critical Illness Awareness Month (October).   "Our research shows that a significant percentage of adults in their 40s and 50s have never heard about cancer insurance or critical illness insurance," Slome notes.

Nearly two million Americans will be diagnosed with cancer this year.  "Breast cancer risk really starts when you reach your 40s and prostate cancer risk really begins when men turn 50," the critical illness insurance expert explains.  According to the Critical Illness Insurance Cost Calculator, a cancer insurance policy that pays $10,000 upon diagnosis can cost less than $100 a year for someone in their mid-40s.

"Our goal is simply to increase awareness of the risks and the planning options for those who depend on their ability to work to pay bills," Slome explains.  "The worst thing is hearing from people who've been diagnosed with cancer, calling us in financial despair," he adds.  "They tell us they never heard about these options and while it's too late for them to obtain coverage, we want to make sure others are aware."

The American Association for Critical Illness Insurance advocates for the importance of planning.  The Los Angeles based organization maintains an extensive website where consumers can access the latest information on cancer, heart attacks, strokes as well as critical illness insurance rates using the Association's free cost calculator.  Go to www.criticalillnessinsuranceinfo.org for more information.

Jesse Slome is director of the American Association for Critical Illness Insurance.  He also directs the American Association for Long-Term Care Insurance.  Visit their website to get long-term care insurance quotes.  To find local Medicare insurance agents visit the American Association for Medicare Supplement website.

News Media Interview Contact
Name: Jesse Slome
Title: Executive Director
Group: American Association for Long-Term Care Insurance
Dateline: Westlake Village, CA United States
Direct Phone: 818-597-3227
Main Phone: 818-597-3227
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