New Critical Illness Insurance Coverage Amounts Vary Reports Association
The amount of critical illness insurance benefit purchased varies by where coverage is obtained reports the American Association for Critical Illness Insurance. The organization shared data from their most current study.
Los Angeles, CA, April 15, 2020 --(PR.com)-- How much critical illness insurance protection individuals buy depends on how they obtain coverage according to a report released by the American Association for Critical Illness Insurance.
"Those purchasing traditional individual coverage sold by insurance agents buy significantly more coverage," shares Jesse Slome, director of the American Association for Critical Illness Insurance (AACII). The average new benefit amount for traditional ci insurance was $32,024.
Most critical illness insurance is purchased through the workplace Slome acknowledged. "Coverage amounts here were much less, ranging from between $12,961 to $15,408," he notes. The data from the 2018/2019 U.S. Critical Illness Insurance Market Survey conducted by Gen Re analyzed different pricing models used.
"One can speculate why benefit amounts for traditional ci insurance are higher," Slome commented. "In some cases, the product is being sold to small business owners or it simply could be because an agent is directly involved in the sale. My sense is that the smaller sales made through the worksite are a good indicator of what protection levels consumers believe are needed."
Critical illness insurance benefit amounts are typically offered from as low as $5,000 to as much as $100,000. "Larger policies are rare," Slome admits. "Frankly from the research we have conducted, the typical individual would benefit from between $10,000 to $25,000 of coverage."
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.
"Those purchasing traditional individual coverage sold by insurance agents buy significantly more coverage," shares Jesse Slome, director of the American Association for Critical Illness Insurance (AACII). The average new benefit amount for traditional ci insurance was $32,024.
Most critical illness insurance is purchased through the workplace Slome acknowledged. "Coverage amounts here were much less, ranging from between $12,961 to $15,408," he notes. The data from the 2018/2019 U.S. Critical Illness Insurance Market Survey conducted by Gen Re analyzed different pricing models used.
"One can speculate why benefit amounts for traditional ci insurance are higher," Slome commented. "In some cases, the product is being sold to small business owners or it simply could be because an agent is directly involved in the sale. My sense is that the smaller sales made through the worksite are a good indicator of what protection levels consumers believe are needed."
Critical illness insurance benefit amounts are typically offered from as low as $5,000 to as much as $100,000. "Larger policies are rare," Slome admits. "Frankly from the research we have conducted, the typical individual would benefit from between $10,000 to $25,000 of coverage."
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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