More than half (53%) of women purchasing individual critical illness insurance policies last year opted for coverage equal to $20,000 or less. Among men, some 49 percent purchased that amount according to the 2011 Critical Illness Insurance Buyer Study conducted by the American Association for Critical Illness Insurance (AACII) and Gen Re.
“The market for individual critical illness insurance sales is definitely consumers looking to secure a reasonably affordable amount of protection,” states Jesse Slome, executive director of the industry trade organization. “Individuals recognize the value of buying enough protection to pay for one or two years worth of mortgage or rent payments or to pay costs not covered by their health insurance.”
According to the survey, 22 percent of male buyers and an equal percentage of female buyers purchased between $20,001 and $30,000 of protection. The survey found that 13 percent of men and 11 percent of women purchased coverage equal to $50,001 or more.
Critical illness insurance pays a lump-sum cash benefit generally upon diagnosis of a covered critical illness such as cancer, heart attack or stroke notes Barry Eagle, Vice President, Marketing for Gen Re LifeHealth a Berkshire Hathaway Company. The current version of critical illness insurance policies became available in the United States in the mid 1990s and today over one million individuals have such protection.
Researchers analyzed data for over 20,500 purchasers of individual critical illness insurance policies made between January 1 and December 31, 2010. The American Association for Critical Illness Insurance is the national trade association providing information to consumers and insurance professionals.
Free access to the organization’s online learning, marketing and sales center is offered to insurance and financial professionals. For further information, visit the Website: www.aacii.org/ or call (818) 597-3205.
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