Critical illness insurance is all the rage.
While other mainstays of the insurance industry, including life insurance and general health insurance, are struggling for growth, a new study suggests that sales of policies purchased specifically in anticipation of major health crises, such as cancer, are on the rise.
The Gen Re Critical Illness Insurance Market Survey showed an increase in reported new business premium to almost $381 million in 2014. Meanwhile, in-force premium, covering roughly 3 million individuals, increased to $1 billion.
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