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January 15, 2004 at 07:00 PM
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In his Dec. 8, 2003 article in National Underwriter, veteran actuary Jack Bragg tabs critical illness insurance as one of the products of destiny in the “coming sea change in the industry.”
I couldnt agree more. In terms of broad sales penetration, the product is now on the launching pad. Going forward, its success is as inevitable as the morning sun. Why do I say so? Let me count the reasons:
1) Dont believe the naysayers; the need for CI coverage is as great (or greater) here than anywhere.
Consider this scenario: By virtue of employment, you are under the umbrella of a given managed care program. You develop cancer and only a therapeutic intervention that is outside the scope of your coverage will make the difference between life and death.
That intervention is beyond your personal means (as they so often are nowadays), so your answer is? CI insurance.
Or, consider this situation: The hospital to which you are triaged by your HMO has the least experience with the heart surgery you need. The one across town is a leader in the very same intervention. Look at the numbers! This translates into far different probabilities for success. Your answer is? Right. CI insurance.
In short, our managed care system makes CI insurance an imperative for countless millions.
2) You cant get disability income insurance.
Say you are an over-the-road trucker with a booming business. You are either uninsurable for DI or the price of DI coverage is out of proportion to its value for you. But, since your greatest risk of losing your business is protracted recovery from a stroke or cancer, you have a problem. Your answer is? CI insurance.
