critical illness insurance

The increasing cases of critical illness and increasing out of pocket expenditure for the insured and uninsured population are expected to drive the growth of the critical illness insurance market. Segment Analysis:The global critical illness insurance market has been divided based on application and region. The Americas are likely to hold the largest share of the global critical illness insurance market during the assessment period. com/reports/critical-illness-insurance-market-8734About Market Research Future:At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. com  

The critical illness insurance market size is expected to see rapidly grown in the next few years. id=4004&type=smpMajor Driver Impacting Market GrowthThe increased prevalence of critical diseases is driving the global critical illness insurance market. Therefore, the growing prevalence of critical illness is expected to drive the global critical illness insurance market. Key Industry PlayersMajor companies operating in the critical illness insurance market include China Life Insurance Company Limited, Allianz SE, Ping An Insurance Company of China Ltd. , Plum Benefits Private Limited, Tata AIG General Insurance Company Limited, AmMetLife Insurance Berhad, Star Union Dai-ichi Life Insurance Company Ltd.

Specifically, the insurance specialist found that just 5% of renters had taken out critical illness insurance, which is the type of cover that provides a tax-free lump sum in the event of the policyholder suffering a serious illness such as cancer. It was also discovered through the research that a mere 3% of renters had an income protection policy, and even life insurance was only held by one in four (24%) of those quizzed. The FTAdviser said that just 11% of those who owned their own home had taken out critical illness insurance, while 7% had income protection. A third, 33%, had arranged a life insurance policy to provide a one-off tax-free lump sum in the event of their death. This makes it all the more concerning that when the survey respondents were asked why they had not taken out life insurance or critical illness insurance, 21% of renters said it was not a financial priority for them.