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April 12, 2011updated 13 Apr 2017 8:49am

Critical illness cover in US gets little attention

But despite this and the role they can play in times of distress, critical illness policies have attracted little interest, indicates a study undertaken by industry body the American Association for Critical Illness Insurance and reinsurer Gen Re

By LII editorial

Critical illness cover products in their current form have been available in the US for almost 20 years.

But despite this and the role they can play in times of distress, critical illness policies have attracted little interest, indicates a study undertaken by industry body the American Association for Critical Illness Insurance and reinsurer Gen Re.

In total, the study found that some one million Americans have critical illness cover, a fraction of the country’s population now approaching 310m people.

Amounts covered are generally also not significant, with the study revealing that in 2010 53% of women and 49% of men buying individual critical illness insurance policies last year opted for coverage equal to $20,000 or less.

Indicative of other amounts of cover bought, the survey found that 22% of men and women purchased between $20,001 and $30,000 of protection. 13% of men and 11% of women purchased coverage of $50,001 or more.

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