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March 20, 2009 at 08:00 PM
If I asked, “Do you actively market critical illness insurance?” my guess is you’d say, “No.”
If I followed up and asked why you don’t, you’d probably say, “Because life and disability coverage are higher priorities than critical illness insurance.” 
However, if I then asked if you have family members or friends who’ve been diagnosed with cancer, had a stroke or suffered a heart attack, I’m sure you’d say yes.
The good news is that with advances in medical treatment, more people with serious diseases are living instead of dying. On the flip side, though, medical bills can be extremely high for survivors. Even with the most generous employer-provided medical and disability insurance plans, employees need additional resources to help meet their financial needs. Lengthy, expensive recovery periods can mean that employees can lose personal wages, making it difficult to pay for care and treatment. That’s why critical illness insurance can be described as “life insurance for the living.”
Let’s talk about why employees need this coverage, what types of plans to consider and how to package critical illness insurance with other employer-provided benefits.
The risk is real
Statistics show there’s a real likelihood that millions of Americans will develop a serious illness:
–About 1.2 million Americans had a first or recurrent coronary attack last year. (American Heart Association, Dallas)
–1 in 3 men and women has some form of cardiovascular disease. (American Heart Association)
–In the United States, men have a one-in-two lifetime risk of developing cancer, and for women, the risk is one in three. (American Cancer Society, Atlanta)
Your clients’ employees see family and friends suffering with serious illnesses, and many may be unclear about what their health insurance covers should they face the same situation. Employees covered by major medical insurance may not be prepared for the financial strain a critical illness can bring, such as deductibles and coinsurance, as well as related expenses for caregivers, special medical equipment, household renovations, loss of income and extra living expenses.
In fact, according to a recent Harris Interactive survey conducted on behalf of Colonial Life, a large majority of working Americans covered by insurance say they’re concerned about cancer, heart disease or other serious illnesses, and they’re interested in buying a voluntary insurance policy to help with the expenses resulting from a critical illness:
–84% of employees surveyed say they’re concerned they or someone in their family will be diagnosed with cancer, heart disease or another serious illness in the future.
