Average age of claims for critical illness insurance policies range from 48 to 55.*
“Critical illnesses can and do occur at younger ages.”
Jesse Slome, director of the American Association of Critical Illness Insurance
Most critical illness insurance policies purchased in the workplace
The average age of claimants ranged from 48 to 55 depending on the type of critical illness insurance coverage,” reports Jesse Slome, director of the American Association for Critical Illness Insurance. Slome shared data from the 2018/2019 U.S. Critical Illness Insurance Market Survey. The survey was conducted by Gen Re.
The majority of critical illness insurance policies are purchased in the workplace Slome notes. “Two types of group policies were studied. Issue age group policies base pricing on the age at time of purchase. Prices are designed to remain constant,” he adds.
The average age at claim for group issue age policies was close to 51 (50.5). For policies using attained age pricing, the average age at claim time was nearly 48 (47.8).
“This is important information for consumers to understand,” Slome says. “Critical illnesses can and do occur at younger ages,” Slome explains. “For that reason, this is important protection to think about especially between the ages of 35 and 55.”
Five million Americans currently have critical illness insurance protection
For individual critical illness insurance policies, the average age of claimants was 55. According to AACII some five million Americans currently have some form of cancer-only or comprehensive critical illness insurance coverage. Individual critical illness insurance policies are generally sold directly by insurance agents.
The Association recently released information on critical illness insurance buyers. The average age for buyers was roughly 47. Buyers of group policies sold through the worksite averaged closer to 42. See 2020 critical illness insurance statistics on the Association’s website.
Association director shares tips for critical illness insurance planning
First of all, the Association recommends all men and women over 40 read more about what is critical illness insurance?
Secondly, use the Association’s instant critical illness insurance cost calculator to see an instant estimate of costs.
Thirdly, cancer is a significant risk especially at younger ages. If you are in your 40s consider a cancer-only insurance policy. Because it will be more affordable, one may find it significantly of value.
* AACII News Release, April 17, 2020
Equally important, here are additional tips for consumers.
Firstly, adults 55-65 should also learn more about long-term care insurance. Visit the American Association for Long-Term Care Insurance to learn more. Then request a free no obligation quote from a LTC insurance specialist.
Secondly, adults turning 65 can find Local Medicare Agents using the American Association for Medicare Supplement Insurance‘s free online lookup.
Thirdly, learn about stroke signs and symptoms. Specifically print them out if you believe you are at higher risk.
Fourthly, if you think someone is having a stroke, immediately call 911. Since immediate treatment improves the chances of surviving a stroke.
Finally, try to live a more healthy lifestyle. Undeniably it’s the most important thing you can do.
