Hootie’s Take: More health insurance with higher deductibles for low income people translates into higher demand for critical illness policies to help cover the gap.
Critical illness insurance policies are more popular than ever. A study conducted by Gen Re showed that critical illness gained almost $381 million of new business revenue last year.
The number of accepted eligible illness has increased from 13 to 19, making millions of more people consider purchasing a policy.
Critical illness insurance policies are used to bridge the gap between health insurance and the cost of medicines and healthcare that is caused by several health conditions. Healthcare related costs are the leading cause for individuals filing bankruptcy. More than 2 million individuals filed bankruptcy stating medical bills as the leading cause, which is close to 60 percent of all bankruptcies.