The rapid growth in one has renewed interest that had been fading in the other.
The current explosive growth of critical illness policies is creating a renewal in the interest that consumers have for permanent life insurance.
Though the reasons for this are multidimensional, they also make a great deal of sense.
Even though these products don’t appear to have much to do with one another, they are linked by certain events and circumstances that can make them both appealing to consumers at the same time. For example, as employers reduce the coverage or increase the premiums (or both) that are offered to their employees in their health plans, life insurance and critical illness protection both begin to be seen as a way to fill in the gap.
Beyond life insurance, there are other policies that are also becoming more popular.
As employer sponsored coverage weakens, life insurance and forms of critical illness protection aren’t the only policies being purchased. There have also been increases in cancer, accident, and long term disability plans.
Consumers are showing that they are not oblivious to the importance of adequate coverage in terms of keeping their financial futures safe; especially in the current struggling economy. Therefore, while their employers may be cutting back on benefits, workers are taking it upon themselves to find their own ways to keep the high costs of medical expenses down to an affordable level.
All too many people have seen their friends, families, and neighbors suffer from the crippling costs of high premiums, copayments, and deductibles, or the medical expenses themselves that can occur when coverage runs out due to limitations in policies. In fact, this problem is the leading cause of bankruptcy in the country. But it has generated a thorough understanding of the difference that complete coverage can make.
Now, consumers are turning their sights back to life insurance and other forms of supplemental coverage that will provide them or their beneficiaries with a lump sum payment in case they are affected by a qualifying illness or injury, or even if they should die. This ensures that they and their families will not face financial devastation from medical costs, mortgage payments, or other living expenses.