Most Americans aren't aware of the importance of critical illness insurance—and that's something that needs to change, experts say.
Critical illness insurance has only recently become available in the United States, explains Jesse Slome, executive director of the American Association for Critical Illness Insurance. The insurance pays a lump sum cash payment upon diagnosis of cancer, a heart attack or stroke.
"There were 1.5 million new cancer cases in the U.S. over the past 12 months," Slome say. "Illnesses are the leading reason millions of Americans have declared bankruptcy which doesn't have to happen if you understand your options and plan ahead."
Recommended For You
To help educate people on planning ahead with insurance, the American Association for Critical Illness Insurance has launched a new educational program. They've produced a free, nine-minute online presentation that explains what critical illness insurance protects and provides tips on what to look for in a policy.
"Consumers have no idea how to compare coverage offered to them on an individual basis or through their employer," Slome says. "We wanted to share five very simple things to look for that will help them make better decisions."
For example, Slome explains, critical illness insurance offered by an employer may actually cost more than equal protection purchased on an individual basis. "There is no reason to pay more than you need to," he says.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
