Critical Illness Insurance, while regarded by many as a very useful and necessary service has not come close at all to the popularity of other types of insurance. It continues to remain below health, disability and life insurance in terms of policies sold. However, it is a growing product, and the outlook for Critical Illness Insurance is good. One of the biggest reasons for this is the growing (and usually accurate) perception within the general public that catastrophic illnesses, due to medical and non-medical problems cause bankruptcy regardless of health insurance coverage. The costs that go with a critical illness too often include things not covered by most health insurance policies, such as prescriptions, job loss and maximum benefit caps.
Growth Facts and Statistics
Critical Illness Insurance is relatively new to this country, and as a result it is refining its practices and improving upon its quality. Many CI Insurance providers now use extensive medical records and examinations to identify those at risk for certain illnesses as well as once a client is diagnosed. The body of references that most insurance companies have to evaluate claims is usually extensive, but in its infancy Critical Illness Insurance companies had no such resource. Only now that more and more people are buying CI Insurance and making claims for benefits do most CI companies have enough evidence to correctly confirm or deny payment to clients. Definitions that deal with the exact symptoms of illnesses as well as their extent are being standardized, both by general consensus within the industry and by using the Joint Committee on Cancer for a guideline.
Experience for companies that sell Critical Illness Insurance is important in increasing the quality and prevalence of coverage, but individual salesman and representatives are also building their knowledge of their product. Much more informed are those people that you will be in contact with, and your experience with the entire process will potentially be much better. What is important to realize about Critical Illness Insurance is that it is intended to protect individuals against catastrophic medical problems. It may have had some success acting as a buttress to health insurance, but it cannot remain viable if it continues to depend on the number of people with health insurance.
