Critical Illness Insurance US
This page contains pertinent facts regarding critical illness insurance (cii) in the U.S. marketplace.
Policy Data and Statistics
As of January 2020, some 5 million Americans have cii coverage.
Around 1.6 million new critical illness insurance policies and certificates are bought each year.
The average new employer critical illness insurance buyer purchases between $12,000 and $15,500 of benefits.
Buyers of individual new cii policies purchase larger amounts initially. Specifically in 2018 the average new benefit amount is $32,024.
The average age of new critical illness insurance buyers is 43.
Market potential - 137.3 million Americans
CI insurance buyers tend to be between ages 35 and 55. There are currently 72.1 million Millennials in the United States. These are individuals born between 1981 and 1996.
There are additionally 65.2 million Generation X adults in the U.S. (as of May 2020), These are individuals born between 1965 and 1980.
This year 1.7 million Americans will be diagnosed with cancer. More than two-thirds will survive a cancer diagnosis. Significantly 1 in 16 men and women will develop invasive cancer between ages 50 to 59. Markedly between ages 60 to 69, the risk is 1 in 8 men and 1 in 10 women.
Every 40 seconds one American will have a heart attack. Overall that means 800,000 in the U.S. this year.
Another 800,000 will have a stroke this year. Because of better treatment and emergency services most of these individuals will survive.
The following are resources for insurance agents and brokers.
Find rates for low-cost E&O insurance. When ready visit our sister organization that offers high-quality errors and omissions insurance with no membership fee required to apply.
Find MDRT discounts or savings for MDRT membership. Through the American Association for Long-Term Care Insurance which makes available discounted memberships at just $60 a year.
Tips for finding and protecting yourself with CI insurance coverage
Firstly, there are roughly 60 different insurance companies offering ci insurance. Consequently there can be significant differences in prices and coverage options.
Therefore comparing coverage and pricing can be to your advantage.
Similarly, if you are in your 30s or 40s, it may be advantageous to compare a cancer-only coverage option.
Presently some insurers offer both options within one policy.
Before leaving the Association’s website use our Cost Calculator to see costs for $10,000 of cancer-only protection.
When you do apply, read all details carefully.
Particularly look for any added fees. Specifically some companies charge more when paying monthly versus annually.
Finally after applying and being accepted, keep your policy where it can be easily found by others.