Private Equity
Andrea Alms Video: Money In Motion 127 - Critical Illness Insurance Market
October 2024 - Private Equity
Andrea Alms Video: Money in Motion 127 - Critical Illness Insurance Market
TRANSCRIPT Hello, my name is Andrea Alms. I'm a technology investor and financial manager and this is your money in motion. What is it? Critical illness insurance is a type of insurance policy that pays out a lump sum amount. If the policyholder is diagnosed with a serious illness or medical condition covered by the policy. This insurance was created to offer financial stability to those facing high medical bills, loss of income or other costs due to a serious illness.
This insurance provides protection from serious diseases such as cancer, heart attack, stroke, organ failure and other life threatening ailments. This chart shows a probability of damage comparison. For example, in home insurance, you have 1 in 1200 chances of a serious damage to your home auto insurance. You have 1 in 270 chance of risk of serious car accident. Life insurance. You have 1 in 9 chance of passing away before you are 65. If you are 40 right now, critical illness you have 1 in 3 chances of getting critically ill before turning 65, according to policy advisors.com, based in Canada at market that U.S., the global critical and illness insurance market was 192.3 US billion dollars in 2022 and forecast to be 541.4 billion in 2032, at a compound average growth rate of 11%.
At Precedence Research, the market was 358.6 billion in 2022 and expected to be 735.63 billion by 2032, at a growth rate of 67.5%. IT markets and research. The market was 350.02 billion in 2022, and forecast to be 594.71 billion in 2030, a growth rate of 7%, averaging the averages. The market was 300.3 billion, with a growth rate of 8.6%. Thank you. This is your money, your money in motion.