In recent years Americans have expressed a growing interest in critical illness insurance policies. Now more than ever, Americans desire coverage for critical illness due to the increase likelihood of critical illness and the devastating affects it has on families and friends.
So, what's driving the surge in critical illness insurance?
1. Living Longer
The average lifespan for both men and women has been steadily increasing over the years. Currently, the Center for Disease Control lists the average life span of an individual in the United States at nearly 79 years. That's a long time! For men, the average life expectancy is around 76. American women live to be 81 years on average. Compared to 1950, when the average life expectancy was around 71 years, that's a significant improvement.
2. Living With Diseases
While we are living longer as a society, we are not living without disease. Many individuals suffer through their final years battling medical conditions like cancer, heart disease, dementia, and more. Luckily, modern medicine extends these people's lives, but there is still pain and suffering.
3. Cancer Is Rampant
Speaking of suffering, cancer rates have never been higher. While we are living longer, more people are suffering from cancer than ever before. Roughly 41% of men will face cancer at least one time in their lifetime. Around 38% of women will suffer similar bouts with the nasty disease.
4. Medical Expenses Sky-High
The continuous battle that many people suffering from cancer face does not come cheap. In fact, medical treatments when fighting illnesses like cancer, heart disease, or a stroke can wreak havoc on bank accounts and savings. An individual and their family can go bankrupt trying to afford the treatments that come with battling cancer, even if they have great health insurance.
5. Employer Provided
Due to the nature of these critical illnesses, many businesses have been providing their employees with critical illness insurance. The insurance product has gained steam as a protection policy against cancer, and many employees view the plan as an excellent perk in the benefits package. Around 45% of large companies have started to offer the policy – compared to just 34% a few years ago.
6. Financial Security
Ultimately, individuals and families find great value in critical illness insurance due to the financial security it provides them. Many people have been saved from bankruptcy due to their critical policy. The lump-sum payouts make a huge difference when paying for chemotherapy and for when other treatments become a necessity.
Critical Illness Policies for Your Clients
Ultimately, insurers should be offering critical illness policy to all customers of a certain age. The policies have helped many avoid bankruptcy and offer great peace of mind if an illness disaster strikes. If you have questions about critical illness policies contact Skyline Risk Management, Inc., (718) 267-6600 to voice your concerns.