Family of cutout people. A recent analysis indicated that future prospects for critical illness insurance are diminished because employers are no longer trending towards HDHPs. That reasoning is flawed. (Photo: Shutterstock)

The creator of critical illness insurance, Marius Barnard, titled the book about his life story “Defining Moments.” It’s not just a good book title, and it’s no coincidence that “the father of critical illness insurance” used it. Barnard famously urged creation of the product because, while he could repair a person physically, it usually takes an insurance company to heal a person’s finances. Are we focusing on this properly?

The market for critical illness insurance in the U.S. has been dominated by positioning the coverage as a supplement to medical insurance, covering the gaps created by deductibles and co-pays, especially when a high-deductible plan is involved. This is a good concept as far as it goes, because employers and employees are now more knowledgeable about medical plan gaps.


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