Average Age of Critical Illness Insurance Buyers Reported by CI Association
Buyers of critical illness insurance tend to be in their 40s according to new buyer data reported by the American Association for Critical Illness Insurance.
Los Angeles, CA, April 08, 2020 --(PR.com)-- The average age of U.S. critical illness insurance buyers is 43 reports the American Association for Critical Illness Insurance (AACII). New business issue age varied based on whether the insurance is purchased on an individual basis or through an employer offering.
Some five million Americans currently have some form of cancer-only or comprehensive critical illness insurance coverage according to the organization.
"The ideal time to purchase critical illness insurance protection is between your mid-30s and 50s," reports Jesse Slome, AACII's director. The latest data for buyers comes from the 2018/2019 U.S. Critical Illness Insurance Market Survey conducted by Gen Re.
Critical illness insurance pays a lump-sum amount upon diagnosis of a covered condition. "If you are diagnosed with cancer in your 40s, 50s or 60s, you are going to be treated and very likely survive," Slome explains. "But your savings and any assets you accumulated will likely be impacted."
The critical illness insurance advocate notes that individuals who have health insurance often face significant costs. "There are deductibles and out-of-pocket costs," Slome notes. "You even have to paying health insurance premiums while you receive care." In addition, there is often a loss of income while individuals take time to undergo treatment or recover.
Buyers of individual critical illness insurance policies are slightly older than those buying through the workplace according to the Gen Re study. "The average age for individual ci insurance 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.
Some five million Americans currently have some form of cancer-only or comprehensive critical illness insurance coverage according to the organization.
"The ideal time to purchase critical illness insurance protection is between your mid-30s and 50s," reports Jesse Slome, AACII's director. The latest data for buyers comes from the 2018/2019 U.S. Critical Illness Insurance Market Survey conducted by Gen Re.
Critical illness insurance pays a lump-sum amount upon diagnosis of a covered condition. "If you are diagnosed with cancer in your 40s, 50s or 60s, you are going to be treated and very likely survive," Slome explains. "But your savings and any assets you accumulated will likely be impacted."
The critical illness insurance advocate notes that individuals who have health insurance often face significant costs. "There are deductibles and out-of-pocket costs," Slome notes. "You even have to paying health insurance premiums while you receive care." In addition, there is often a loss of income while individuals take time to undergo treatment or recover.
Buyers of individual critical illness insurance policies are slightly older than those buying through the workplace according to the Gen Re study. "The average age for individual ci insurance 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.
Contact
American Association for Critical Illness Insurance
Jesse Slome
818-597-3205
www.criticalillnessinsuranceinfo.org
Jesse Slome
818-597-3205
www.criticalillnessinsuranceinfo.org
Contact
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