Critical illness insurance is all about peace of mind. It’s about preparing for the worst that can happen — and having something to back you up. Although it’s seen a surge in popularity in other countries over recent years, not all brokers are jumping aboard the critical illness bandwagon quite yet — and that’s a mistake, experts say.

“It’s the hottest growth industry in the insurance field worldwide, but unfortunately there have been no American insurance companies that have placed marketing dollars in their budget for this product so it is still relatively unknown,” says Wilma Anderson, a financial consultant specializing in critical illness. “Critical Illness insurance is one of the best opportunities for agents to learn how to sell.” Randy Finn, assistant vice president of product development at Colonial Life, agrees.

A recent survey by Colonial Life showed that a majority of employees — 76 percent — view critical illness coverage as an important benefit to them in the next five years. However, only 59 percent of brokers view it with the same importance. “So a lot of brokers are underestimating the interest in and need for critical illness insurance – and that means they’re missing an income opportunity,” Finn says. The product is simple enough to appeal to brokers and employees alike.