There's really no explanation why critical illness insurance sales continue to lag in the U.S., declares Jesse Slome, executive director of the American Association for Critical Illness Insurance http://www.aacii.org. According to Slome, the protection first introduced in 1983 now sells well in 54 other countries worldwide.
"There are over 65 million Americans between the ages of 30 and 49, creating an enormous opportunity for the sale of critical illness insurance products," states Slome. "These adults understand the risk of being diagnosed with cancer or having a heart attack. They simply have no knowledge that an affordable financial solution like critical illness insurance exists but we are going to change that starting in 2011."
The industry trade association established in 2009 just announced a free education campaign for insurance and financial professionals. The trade group is waiving the $98 membership fee offering free sign-ups which includes access to the Association's online Learning, Marketing and Sales Center. The Center provides access to sales training modules, industry research, marketing and sales tools.
"We plan to educate 10,000 insurance professionals during the year and to significantly jumpstart product awareness and ultimately sales," Slome adds. "Every agent or broker who has clients in their 30s or 40s will benefit by understanding how simple it is to offer and sell this highly affordable form of protection."
The free membership offer will be continued for at least the first six months of 2011. For more information or to sign-up for free membership, visit the Association's website http://www.criticalillnessinsuranceinfo.org/free .
Showing posts with label American association for critical illness insuranc. Show all posts
Showing posts with label American association for critical illness insuranc. Show all posts
Saturday, March 5, 2011
Wednesday, February 9, 2011
Annual Cancer Death Rates In Europe Drop
There will be nearly 1.3 million deaths from cancer in Europe in 2011, according to predictions from a study published in the cancer journal, Annals of Oncology.
The estimates, which have been reached after researchers used for the first time in Europe a new mathematical model for predicting cancer mortality, show a fall in overall cancer death rates for both men and women when compared to 2007. But they also highlight some areas of concern, particularly rising rates of lung cancer in women.
Researchers looked at overall rates in the European Union (EU) and also individual rates in six major EU countries: France, Germany, Italy, Poland, Spain and the UK.
They predicted there would be 1,281,466 cancer deaths in the EU in 2011 (721,252 men and 560,184 women), compared to 1,256,001 (703,872 men and 552,129 women) in 2007. When these figures are converted into world standardized rates per 100,000 of the population, this means there will be a fall from 153.8 per 100,000 to 142.8 per 100,000 in men, and from 90.7 to 85.3 in women -- a drop of 7% in men and 6% in women -- since 2007.
"Cancer is no longer an immediate death sentence, the vast majority of people today survive," explains Jesse Slome, executive director of the American Association for Critical Illness Insurance, the leading U.S. trade organization. The overall downward trend in cancer death rates is driven mainly by falls in breast cancer mortality in women, and lung and colorectal cancer in men.
However, the number of women dying from lung cancer is increasing steadily everywhere apart from in the UK, which has had the highest rates in women for a decade and is now seeing a leveling off. In the EU as a whole, world standardized death rates from lung cancer in women have gone up from 12.55 per 100,000 of the female population in 2007 to 13.12 in 2011.
Lung cancer has overtaken breast cancer as the first cause of cancer death in Polish women, as well as in women from the UK. The number of women who will die from lung cancer this year in the UK is 15,632 (compared to 14,900 in 2007); this represents a slight drop in the death rate from 20.57 per 100,000 women in 2007 to 20.33 in 2011. In Poland, 6,343 women will die from lung cancer this year compared to 5,643 in 2007, and this represents an increase in the death rate from 15.53 per 100,000 women to 16.60 in 2011.
Declines in mortality from other major cancers such as stomach, uterus, prostate and leukaemia are likely to be seen in 2011, say the researchers.
The estimates, which have been reached after researchers used for the first time in Europe a new mathematical model for predicting cancer mortality, show a fall in overall cancer death rates for both men and women when compared to 2007. But they also highlight some areas of concern, particularly rising rates of lung cancer in women.
Researchers looked at overall rates in the European Union (EU) and also individual rates in six major EU countries: France, Germany, Italy, Poland, Spain and the UK.
They predicted there would be 1,281,466 cancer deaths in the EU in 2011 (721,252 men and 560,184 women), compared to 1,256,001 (703,872 men and 552,129 women) in 2007. When these figures are converted into world standardized rates per 100,000 of the population, this means there will be a fall from 153.8 per 100,000 to 142.8 per 100,000 in men, and from 90.7 to 85.3 in women -- a drop of 7% in men and 6% in women -- since 2007.
"Cancer is no longer an immediate death sentence, the vast majority of people today survive," explains Jesse Slome, executive director of the American Association for Critical Illness Insurance, the leading U.S. trade organization. The overall downward trend in cancer death rates is driven mainly by falls in breast cancer mortality in women, and lung and colorectal cancer in men.
However, the number of women dying from lung cancer is increasing steadily everywhere apart from in the UK, which has had the highest rates in women for a decade and is now seeing a leveling off. In the EU as a whole, world standardized death rates from lung cancer in women have gone up from 12.55 per 100,000 of the female population in 2007 to 13.12 in 2011.
Lung cancer has overtaken breast cancer as the first cause of cancer death in Polish women, as well as in women from the UK. The number of women who will die from lung cancer this year in the UK is 15,632 (compared to 14,900 in 2007); this represents a slight drop in the death rate from 20.57 per 100,000 women in 2007 to 20.33 in 2011. In Poland, 6,343 women will die from lung cancer this year compared to 5,643 in 2007, and this represents an increase in the death rate from 15.53 per 100,000 women to 16.60 in 2011.
Declines in mortality from other major cancers such as stomach, uterus, prostate and leukaemia are likely to be seen in 2011, say the researchers.
Wednesday, January 26, 2011
Health News: Heart Disease And Stroke Costs Will Triple
The cost of treating heart disease and stroke in the United States is expected to triple in the next 20 years, to $818 billion.
According to the American Heart Association this $545 billion increase in costs for treating heart disease and stroke is largely due to the aging of the population.
"The burden of heart disease and stroke on the U.S. health care system and American families will be substantial," said Jesse Slome, executive director of the American Association for Critical Illness Insurance.
The projected increase in costs will be based on the current rate of heart disease adjusted for changes in the overall age of Americans and the anticipated racial mix of patients.
Experts noted that these estimates do not take into account the additional costs for those who have more than one condition, or new treatments that might come along, To curb this rise in costs, the panel said that effective prevention strategies are needed if we are to limit the growing burden of cardiovascular disease.
American Heart Association CEO Nancy Brown said in a news release that "unhealthy behaviors and unhealthy environments have contributed to a tidal wave of risk factors among many Americans. Early intervention and evidence-based public policies are absolute musts to significantly reduce alarming rates of obesity, hypertension, tobacco use and cholesterol levels."
Right now, 36.9 percent of Americans have some type of heart disease, including high blood pressure, coronary heart disease, heart failure, stroke and other conditions. By 2030, that number will rise to 40.5 percent of the population, or about 116 million people, according to the report.
The biggest increases are thought to be in stroke, up 24.9 percent, and heart failure, up 25 percent.
Between 2010 and 2030, the cost of caring for patients with heart disease will go from $273 billion to $818 billion, the panel predicted.
In addition, heart disease will cost billions more in lost productivity, increasing from about $172 billion in 2010 to $276 billion in 2030. These losses include days missed from work or home tasks because of illness, plus lost earnings due to premature death.
There are also a number of low-cost, high-value cardiovascular protective therapies that are available but are underutilized in routine clinical care that could also help to reduce the burden of cardiovascular disease.
These include keeping blood pressure and cholesterol under control, not smoking and maintaining a healthy lifestyle, which means eating a healthy diet, getting exercise and keeping your weight down. These strategies have been proven to substantially reduce the risk of heart disease.
For more information on affordable critical illness insurance protection which can provide a tax-free lump sum cash payment upon diagnosis of a heart attack or stroke, viasit the American Association for Critical Illness Insurance's website http://www.crititcalillnessinsuranceinfo.org
According to the American Heart Association this $545 billion increase in costs for treating heart disease and stroke is largely due to the aging of the population.
"The burden of heart disease and stroke on the U.S. health care system and American families will be substantial," said Jesse Slome, executive director of the American Association for Critical Illness Insurance.
The projected increase in costs will be based on the current rate of heart disease adjusted for changes in the overall age of Americans and the anticipated racial mix of patients.
Experts noted that these estimates do not take into account the additional costs for those who have more than one condition, or new treatments that might come along, To curb this rise in costs, the panel said that effective prevention strategies are needed if we are to limit the growing burden of cardiovascular disease.
American Heart Association CEO Nancy Brown said in a news release that "unhealthy behaviors and unhealthy environments have contributed to a tidal wave of risk factors among many Americans. Early intervention and evidence-based public policies are absolute musts to significantly reduce alarming rates of obesity, hypertension, tobacco use and cholesterol levels."
Right now, 36.9 percent of Americans have some type of heart disease, including high blood pressure, coronary heart disease, heart failure, stroke and other conditions. By 2030, that number will rise to 40.5 percent of the population, or about 116 million people, according to the report.
The biggest increases are thought to be in stroke, up 24.9 percent, and heart failure, up 25 percent.
Between 2010 and 2030, the cost of caring for patients with heart disease will go from $273 billion to $818 billion, the panel predicted.
In addition, heart disease will cost billions more in lost productivity, increasing from about $172 billion in 2010 to $276 billion in 2030. These losses include days missed from work or home tasks because of illness, plus lost earnings due to premature death.
There are also a number of low-cost, high-value cardiovascular protective therapies that are available but are underutilized in routine clinical care that could also help to reduce the burden of cardiovascular disease.
These include keeping blood pressure and cholesterol under control, not smoking and maintaining a healthy lifestyle, which means eating a healthy diet, getting exercise and keeping your weight down. These strategies have been proven to substantially reduce the risk of heart disease.
For more information on affordable critical illness insurance protection which can provide a tax-free lump sum cash payment upon diagnosis of a heart attack or stroke, viasit the American Association for Critical Illness Insurance's website http://www.crititcalillnessinsuranceinfo.org
Monday, December 27, 2010
Critical Illness Insurance News: Study Ties Diet To Longer Life
According to medical researchers, today's leading causes of death have shifted from infectious diseases to chronic diseases. These include cardiovascular disease and cancer.
Both of these illnesses may be affected by diet a study published in the January 2011 issue of the Journal of the American Dietetic Association reveals.
Researchers examined data regarding the associations of dietary patterns with mortality through analysis of the eating patterns of over 2500 adults between the ages of 70 and 79 over a ten-year period. They found that diets favoring certain foods were associated with reduced mortality.
By 2030, an estimated 973 million adults will be aged 65 or older worldwide according to the American Association for Critical Illness Insurance which tracks data related to critical illnesses. This study sought to determine the dietary patterns of a large and diverse group of older adults, and to explore connections between these dietary patterns with survival over a 10-year period.
Researchers were able to group the participants into six different clusters according to predominant food choices including healthy foods, high-fat dairy products, meat, fried foods, and alcohol and sweets and desserts.
The "Healthy foods" cluster was characterized by relatively higher intake of low-fat dairy products, fruit, whole grains, poultry, fish, and vegetables, and lower consumption of meat, fried foods, sweets, high-calorie drinks, and added fat. The "High fat dairy products" cluster had higher intake of foods such as ice cream, cheese, and 2% and whole milk and yogurt, and lower intake of poultry, low-fat dairy products, rice, and pasta.
The study was unique in that it evaluated participants' quality of life and nutritional status, through detailed biochemical measures, according to their dietary patterns.
After controlling for gender, age, race, clinical site, education, physical activity, smoking, and total calorie intake, the "High-fat dairy products" cluster had a 40% higher risk of mortality than the "Healthy foods" cluster. The "Sweets and desserts" cluster had a 37% higher risk. No significant differences in risk of mortality were seen between the "Healthy foods" cluster and the "Breakfast cereal" or "Refined grains" clusters.
Both of these illnesses may be affected by diet a study published in the January 2011 issue of the Journal of the American Dietetic Association reveals.
Researchers examined data regarding the associations of dietary patterns with mortality through analysis of the eating patterns of over 2500 adults between the ages of 70 and 79 over a ten-year period. They found that diets favoring certain foods were associated with reduced mortality.
By 2030, an estimated 973 million adults will be aged 65 or older worldwide according to the American Association for Critical Illness Insurance which tracks data related to critical illnesses. This study sought to determine the dietary patterns of a large and diverse group of older adults, and to explore connections between these dietary patterns with survival over a 10-year period.
Researchers were able to group the participants into six different clusters according to predominant food choices including healthy foods, high-fat dairy products, meat, fried foods, and alcohol and sweets and desserts.
The "Healthy foods" cluster was characterized by relatively higher intake of low-fat dairy products, fruit, whole grains, poultry, fish, and vegetables, and lower consumption of meat, fried foods, sweets, high-calorie drinks, and added fat. The "High fat dairy products" cluster had higher intake of foods such as ice cream, cheese, and 2% and whole milk and yogurt, and lower intake of poultry, low-fat dairy products, rice, and pasta.
The study was unique in that it evaluated participants' quality of life and nutritional status, through detailed biochemical measures, according to their dietary patterns.
After controlling for gender, age, race, clinical site, education, physical activity, smoking, and total calorie intake, the "High-fat dairy products" cluster had a 40% higher risk of mortality than the "Healthy foods" cluster. The "Sweets and desserts" cluster had a 37% higher risk. No significant differences in risk of mortality were seen between the "Healthy foods" cluster and the "Breakfast cereal" or "Refined grains" clusters.
Tuesday, December 22, 2009
Protein Could Yield Treatments For Liver Cancer
A protein switch called TAK1 helps prevent liver damage, including inflammation, fibrosis and cancer.
Research from United States and Japanese scientists explain that learning more about how TAK1 works could improve understanding about the development of liver disease and cancer, and lead to new therapies.
The researchers noted these findings in their report, released online in advance of publication in an upcoming print issue of the Proceedings of the National Academy of Sciences.
TAK1 appears to be a master regulator of liver function according to the dean of the University of California San Diego School of Medicine statement issued in a university news release.
It was already known that TAK1 activates two proteins that play a role in immunity, inflammation, programmed cell death and cancer. But it wasn't clear whether TAK1 promotes or prevents liver cancer.
To investigate this question, scientists created mice with liver cells that lacked TAK1 and found that the mice had a high rate of liver cell death. To compensate, the rodents' livers produced too many cells, resulting in liver damage that led to liver cancer, the researchers found.
Posted by the American Association for Critical Illness Insurance. Visit our website for more information on critical illnesses and a form of insurance that pays a tax-free lump sum payment upon diagnosis of cancer.
Research from United States and Japanese scientists explain that learning more about how TAK1 works could improve understanding about the development of liver disease and cancer, and lead to new therapies.
The researchers noted these findings in their report, released online in advance of publication in an upcoming print issue of the Proceedings of the National Academy of Sciences.
TAK1 appears to be a master regulator of liver function according to the dean of the University of California San Diego School of Medicine statement issued in a university news release.
It was already known that TAK1 activates two proteins that play a role in immunity, inflammation, programmed cell death and cancer. But it wasn't clear whether TAK1 promotes or prevents liver cancer.
To investigate this question, scientists created mice with liver cells that lacked TAK1 and found that the mice had a high rate of liver cell death. To compensate, the rodents' livers produced too many cells, resulting in liver damage that led to liver cancer, the researchers found.
Posted by the American Association for Critical Illness Insurance. Visit our website for more information on critical illnesses and a form of insurance that pays a tax-free lump sum payment upon diagnosis of cancer.
Saturday, December 19, 2009
Calorie Intake Linked To Longevity And Cancer Development
Cutting consumption of glucose, the most common dietary sugar, can extend the life of healthy human cells and speed the death of precancerous cells, reducing cancer's spread and growth rate.
According to findings reported by researchers from the University of Alabama at Birmingham, reducing calorie-intake can benefit longevity and help prevent diseases like cancer that have been linked to aging.
The researchers conducted tests by growing both healthy human-lung cells and precancerous human-lung cells in laboratory flasks. The flasks were provided either normal levels of glucose or significantly reduced amounts of the sugar compound, and the cells then were allowed to grow for a period of weeks. Restricted glucose levels led the healthy cells to grow longer than is typical and caused the precancerous cells to die off in large numbers.
Every year some 1.4 million Americans are diagnosed with cancer. It ranks as one of the leading factors for the need for costly long-term care according to the American Association for Critical Illness Insurance among aging seniors.
Two key genes were affected in the cellular response to decreased glucose consumption. The first gene, telomerase, encodes an important enzyme that allows cells to divide indefinitely. The second gene, p16, encodes a well known anti-cancer protein.
Healthy cells saw their telomerase rise and p16 decrease, which would explain the boost in healthy cell growth, the researchers explained. The research into the links between calorie intake, aging and the onset of diseases related to aging is thought to be a first of its kind given that it used the unique approach of testing human cells versus laboratory animals.
According to findings reported by researchers from the University of Alabama at Birmingham, reducing calorie-intake can benefit longevity and help prevent diseases like cancer that have been linked to aging.
The researchers conducted tests by growing both healthy human-lung cells and precancerous human-lung cells in laboratory flasks. The flasks were provided either normal levels of glucose or significantly reduced amounts of the sugar compound, and the cells then were allowed to grow for a period of weeks. Restricted glucose levels led the healthy cells to grow longer than is typical and caused the precancerous cells to die off in large numbers.
Every year some 1.4 million Americans are diagnosed with cancer. It ranks as one of the leading factors for the need for costly long-term care according to the American Association for Critical Illness Insurance among aging seniors.
Two key genes were affected in the cellular response to decreased glucose consumption. The first gene, telomerase, encodes an important enzyme that allows cells to divide indefinitely. The second gene, p16, encodes a well known anti-cancer protein.
Healthy cells saw their telomerase rise and p16 decrease, which would explain the boost in healthy cell growth, the researchers explained. The research into the links between calorie intake, aging and the onset of diseases related to aging is thought to be a first of its kind given that it used the unique approach of testing human cells versus laboratory animals.
Monday, December 14, 2009
Many Stroke Survivors Don't Take Lifesaving Meds
About one-fifth of ischemic stroke survivors don't take medications that can reduce their risk of another stroke.
According to research, about 19 percent of patients didn't take prescribed blood thinners. Each year about 600,000 Americans experience their first stroke and 185,000 have a recurrent stroke according to the American Association for Critical Illness Insurance.
Stroke is the third leading cause of death in the United States. Over 143,579 people die each year from stroke in the United States and stroke is a leading cause of serious long-term disability. Nearly three-quarters of all strokes occur in people over the age of 65. The risk of having a stroke more than doubles each decade after the age of 55 the Association notes.
Ischemic stroke is caused by blocked blood flow in the brain. Several types of medications can reduce the risk of another ischemic stroke. These include blood thinners - also known as antithrombotic medications, of which aspirin is the most common.
This seven-year study conducted by the University of California, Los Angeles, examined 4,168 ischemic stroke survivors. Researchers found that about 19 percent of patients didn't take blood thinners. Men, older patients and non-Hispanic patients were more likely to take blood thinners.
The study will be published in the January issue of the American Journal of Preventive Medicine.
According to research, about 19 percent of patients didn't take prescribed blood thinners. Each year about 600,000 Americans experience their first stroke and 185,000 have a recurrent stroke according to the American Association for Critical Illness Insurance.
Stroke is the third leading cause of death in the United States. Over 143,579 people die each year from stroke in the United States and stroke is a leading cause of serious long-term disability. Nearly three-quarters of all strokes occur in people over the age of 65. The risk of having a stroke more than doubles each decade after the age of 55 the Association notes.
Ischemic stroke is caused by blocked blood flow in the brain. Several types of medications can reduce the risk of another ischemic stroke. These include blood thinners - also known as antithrombotic medications, of which aspirin is the most common.
This seven-year study conducted by the University of California, Los Angeles, examined 4,168 ischemic stroke survivors. Researchers found that about 19 percent of patients didn't take blood thinners. Men, older patients and non-Hispanic patients were more likely to take blood thinners.
The study will be published in the January issue of the American Journal of Preventive Medicine.
Tuesday, December 8, 2009
Drinking Coffee Reduces Risk of Advanced Prostate Cancer
A new study reveals a strong inverse association between coffee consumption and the risk of lethal and advanced prostate cancers.
Data presented at the American Association for Cancer Research Frontiers in Cancer Prevention Research Conference revealed that coffee has effects on insulin and glucose metabolism as well as sex hormone levels, all of which play a role in prostate cancer.
Medical researchers report that that men who drank the most coffee had a 60 percent lower risk of aggressive prostate cancer than men who did not drink any coffee. This is the first study of its kind to look at both overall risk of prostate cancer and risk of localized, advanced and lethal disease.
Some 745,000 men are diagnosed with cancer each year in the United States according to the American Association for Critical Illness Insurance that tracks critical illness data for cancers, heart attack and stroke. Approximately 300,000 men die each year of cancer.
The researchers are unsure which components of the beverage are most important, as coffee contains many biologically active compounds like antioxidants and minerals. They study examined both regular and decaffeinated coffee intake of nearly 50,000 men every four years from 1986 to 2006.
Nearly 5,000 men developed prostate cancer over that time. The researchers examined the association between coffee consumption and levels of circulating hormones in blood samples collected from a subset of men in the cohort. The results do suggest there is no reason to stop drinking coffee out of any concern about prostate cancer, the report adds.
For free price quote for critical illness insurance, go to: American Association for Critical Illness Insurance Consumer information Center.
Data presented at the American Association for Cancer Research Frontiers in Cancer Prevention Research Conference revealed that coffee has effects on insulin and glucose metabolism as well as sex hormone levels, all of which play a role in prostate cancer.
Medical researchers report that that men who drank the most coffee had a 60 percent lower risk of aggressive prostate cancer than men who did not drink any coffee. This is the first study of its kind to look at both overall risk of prostate cancer and risk of localized, advanced and lethal disease.
Some 745,000 men are diagnosed with cancer each year in the United States according to the American Association for Critical Illness Insurance that tracks critical illness data for cancers, heart attack and stroke. Approximately 300,000 men die each year of cancer.
The researchers are unsure which components of the beverage are most important, as coffee contains many biologically active compounds like antioxidants and minerals. They study examined both regular and decaffeinated coffee intake of nearly 50,000 men every four years from 1986 to 2006.
Nearly 5,000 men developed prostate cancer over that time. The researchers examined the association between coffee consumption and levels of circulating hormones in blood samples collected from a subset of men in the cohort. The results do suggest there is no reason to stop drinking coffee out of any concern about prostate cancer, the report adds.
For free price quote for critical illness insurance, go to: American Association for Critical Illness Insurance Consumer information Center.
Wednesday, December 2, 2009
First National Critical Illness Insurance Study Examines U.S. Buyers
Nearly half of individuals purchasing critical illness insurance protection were under age 45 according to the first national study of buyers conducted by the American Association for Critical Illness Insurance.
The industry trade group released the findings of a study that reveals one third (34%) of purchasers were between ages 45 and 54 and the majority (87%) purchased $50,000 or less in benefits. The study examined sales data for over 130,000 individual and voluntary worksite policies and certificates issued.
"Critical illness insurance is growing in acceptance as consumers understand the risk and financial exposure resulting from cancer, a heart attack or stroke," explains Jesse Slome, the organization's executive director. First introduced in the United States in 1996, some 600,000 individuals have purchased critical illness coverage available from about 20 insurance companies.
Nearly a quarter (24%) of individual buyers opted for coverage of less than $20,000 according to the study's findings. For those purchasing in the worksite setting, some 65 percent chose benefits of $20,000 or less.
The vast majority of purchasers do so prior to turning age 55. Among those purchasing individual critical illness insurance policies, 20 percent were under age 35; 27 percent were between ages 35 and 44 and 34 percent were between 45 and 54. Buyers purchasing coverage in the workplace were about the same age according to the Association report. Policies providing a $10,000 benefit for a 40 year old can range from $150 to $300-per-year.
Individual buyers tended to be male (52% versus 48% female) while those purchasing in the workplace were more likely to be female (59% versus 41% male).
"We anticipate the market for critical illness insurance products will increase in the years ahead," predicts Slome. The Los Angeles-based association will undertake an aggressive consumer awareness campaign in 2010 to build an understanding of the benefits of the protection that is popular outside of the United States. "Every year, millions of Americans are diagnosed with a critical illness and the vast majority survive," Slome explains. "The financial cost even for those with health insurance can be devastating and one of the leading reasons 1.5 million Americans declared bankruptcy even before the current economic crisis." Critical illness insurance policies range in cost based on the age, sex and use of tobacco products. A policy providing a $10,000 cash benefit can range from about $150 a year to $400 a year experts explain.
Access to the full study results can be viewed on the organization's website http://www.aacii.org.
The industry trade group released the findings of a study that reveals one third (34%) of purchasers were between ages 45 and 54 and the majority (87%) purchased $50,000 or less in benefits. The study examined sales data for over 130,000 individual and voluntary worksite policies and certificates issued.
"Critical illness insurance is growing in acceptance as consumers understand the risk and financial exposure resulting from cancer, a heart attack or stroke," explains Jesse Slome, the organization's executive director. First introduced in the United States in 1996, some 600,000 individuals have purchased critical illness coverage available from about 20 insurance companies.
Nearly a quarter (24%) of individual buyers opted for coverage of less than $20,000 according to the study's findings. For those purchasing in the worksite setting, some 65 percent chose benefits of $20,000 or less.
The vast majority of purchasers do so prior to turning age 55. Among those purchasing individual critical illness insurance policies, 20 percent were under age 35; 27 percent were between ages 35 and 44 and 34 percent were between 45 and 54. Buyers purchasing coverage in the workplace were about the same age according to the Association report. Policies providing a $10,000 benefit for a 40 year old can range from $150 to $300-per-year.
Individual buyers tended to be male (52% versus 48% female) while those purchasing in the workplace were more likely to be female (59% versus 41% male).
"We anticipate the market for critical illness insurance products will increase in the years ahead," predicts Slome. The Los Angeles-based association will undertake an aggressive consumer awareness campaign in 2010 to build an understanding of the benefits of the protection that is popular outside of the United States. "Every year, millions of Americans are diagnosed with a critical illness and the vast majority survive," Slome explains. "The financial cost even for those with health insurance can be devastating and one of the leading reasons 1.5 million Americans declared bankruptcy even before the current economic crisis." Critical illness insurance policies range in cost based on the age, sex and use of tobacco products. A policy providing a $10,000 cash benefit can range from about $150 a year to $400 a year experts explain.
Access to the full study results can be viewed on the organization's website http://www.aacii.org.
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