LOS ANGELES, March 28, 2012 /PRNewswire/ -- Each year millions of Americans hear the dreaded words you have cancer or had a heart attack. The majority survive but roughly two-thirds of U.S. bankruptcies are due to uncovered medical expenses and lost income.
As a result, critical illness insurance protection is increasingly being purchased by individuals between ages 25 and 45, to provide immediate cash payment upon diagnosis of serious health conditions. Roughly half (49%) of men and 46 percent of women who purchased policies last year were younger than age 45, according to the 2012 National Critical Illness Insurance Buyer Study published by the American Association for Critical Illness Insurance and General Re Life Corporation
Researchers analyzed data from 10 leading insurers, explains Jesse Slome, director of the trade organization. Some 18 percent of male buyers and 17 percent of females were between ages 25 and 34. Fewer than one in 10 were age 25 or less and just over one in five was age 55 or older.
"Critical illness insurance pays a lump-sum cash benefit generally upon diagnosis of a covered critical illness such as cancer, heart attack or stroke," explains Debie Knowles, Vice President, for Standard Life and Accident Insurance Company a leading provider of policies. Conceived of by a South African physician, Dr. Marius Barnard, part of the team performing the world's first heart transplant, critical illness insurance is sold in 54 countries. "The first policies became available in the United States around 1996 and over one million individuals now have this important protection," notes Knowles.
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 or obtain critical illness insurance costs call (818) 597-3205 or visit the Association's website www.criticalillnessinsuranceinfo.org.
About American Association for Critical Illness Insurance
The American Association for Critical Illness Insurance http://www.criticalillnessinsuranceinfo.org and the American Association for Long-Term Care Insurance http://www.aaltci.org are national trade organizations established to create heightened awareness regarding the financial consequences associated with aging and illness. To learn more about critical illness insurance costs go to http://www.criticalillnessinsuranceinfo.org/learning-center/. To learn more about long term care insurance and access free guides visit the American Association for Long-Term Care Insurance website at http://www.aaltci.org/long-term-care-insurance/.
SOURCE American Association for Critical Illness Insurance