Los Angeles, CA, April 19, 2020: “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 (AACII). Slome shared data from the U.S. Critical Illness Insurance Market Survey 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. For policies using attained age pricing, the average age at claim time was nearly 48. “Attained age pricing means costs will generally increase as the policyholder es from one age band to the next.”
“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.”
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.
Established in 2009, the American Association for Critical Illness Insurance advocates for the importance of critical illness planning and s 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.
