Los Angeles, CA, May 11, 2012 --(PR.com
)-- Cancer accounted for over half of first-time claims by Americans who own critical illness insurance protection. Heart attack and stroke accounted for 29 percent of new claims in 2011.
One million Americans now own critical illness insurance a form of protection that pays a cash benefit upon diagnosis of covered critical illnesses. Roughly half of new claims occurred prior to age 55 according to the 2012 Critical Illness Insurance Buyer & Claimant Study published by the American Association for Critical Illness Insurance and General Re Life Corporation.
“Roughly 13 percent of policyholders who received critical illness insurance benefits last year were younger than 45,” explains Jesse Slome, director of the trade organization. “Critical illness insurance is gaining traction among individuals in their 30s and 40s who want to supplement their high deductible health insurance plans.”
The study found a pronounced year-to-year increase in the number of critical illness insurance claims paid to policyholders between ages 35 and 44. Some eight percent of new claims by men and 10 percent among women occurred at these ages in 2011, versus four percent reported by the prior year’s study.
“Every year millions of Americans hear the dreaded words you have cancer or had a heart attack,” explains Ken Smith, Director, Health Product Sales for Assurity Life Insurance Company, a leading critical illness insurance provider. “The majority today survive but roughly two-thirds of U.S. bankruptcies are due to uncovered medical expenses and lost income.” The first critical illness insurance became available in the U.S. around 1996.
The American Association for Critical Illness Insurance was founded to educate individuals about ways affordable critical illness insurance can protect families from this real and often catastrophic risk. To learn more visit the Association’s website.