The U.S. market for a relatively new supplemental health product, critical illness insurance, continues to grow.
Premiums from new sales of the product through voluntary benefits and worksite marketing programs increased to $627 million in 2017, up 15% from the 2016 total, according to LIMRA.
The premium total for new critical illness insurance sales was up from $544 million in 2016, and up from $294 million in 2014.
Analysts at LIMRA based the latest critical illness insurance sales figures on results from the organization’s latest U.S. Worksite/Voluntary Sales Survey. Forty-seven insurers participated in the survey.
Analysts also found, based on data from a different survey, that the share of employers offering critical illness insurance benefits of some kind increased to 24% in 2017. That’s up from 23% in 2014, and up from 21% in 2009.
Critical illness insurance policies protect the insureds against diseases and conditions specified in the policies. A typical policy might pay a flat amount of cash to an insured diagnosed with a triggering condition, such as cancer, a heart attack, or a stroke.
Many workers use critical illness insurance as a supplement to major medical insurance.