Critical Illness Insurance Living Benefits Center
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History
The History Of Insurance
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Romans and Greeks
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Originating in England
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In Colonial America |
The Start of the 20th Century |
TheModernEra
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The Edgeof the Millennium
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500 BC |
1347 AD |
1643 |
1900 |
1976 |
1994 |
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Benevolent |
First |
First |
Industrial |
Universal |
Briarwood |
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What is Next
For Today and for the Future?
Improved medical technology has caused more and more people to survive critical illnesses. As a result, a need has been created for alternative insurance products. Although Critical Illness insurance is a new kind of product in the United States, it has an established track record in South Africa, Japan, Australia, the United Kingdom, and now the rest of the world. In these countries, critical illness products have been marketed for over 10 years.
The first policies were sold in South Africa in 1983. Since then, 70% of all insurance that is "credit related" is Critical Illness insurance. In 1986, the Critical Illness plans were introduced in England.
Today, of the 200 life companies in England, 70 sell a Critical Illness policy. Today, Critical Illness insurance out-sells traditional disability income insurance after only 7 years in the market (disability was the primary health insurance product sold in the United Kingdom).
In 1990, Cricital Illness was introduced in Australia where today, 31 out of 33 life companies now offer a Critical Illness policy. In Japan, Critical Illness plans were introduced in 1993; and over 500,000 policies were sold in just 10 months. And today, that policy count has topped 7,000,000!! And the policy only covered heart attack, stroke and cancer!!
The market potential for Critical Illness insurance in the United States is ENORMOUS!!