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Critical Illness Insurance Association Launches New Consumer Education Website

05-30-2011 08:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Association Marketing

Some 1.5 million Americans will be diagnosed with cancer this year and over 785,000 will have a first heart attack. Most will survive however significant illnesses are now the leading cause of financial hardship and bankruptcy.

"Most people today survive cancer, heart attacks and strokes, but you can not say the same for their finances," declares Jesse Slome, executive director of the American Association for Critical Illness Insurance http://www.criticalillnessinsuranceinfo.org the national trade group.

According to financial experts, some 1.5 million Americans will declare bankruptcy this year. "Sixty percent are due to medical bills, up significantly over the past few years," Slome explains. Over three-fourths (78%) of these individuals had health insurance at the time they were diagnosed with the critical illness. "Deductibles, co-payments and uncovered expenses and lost income are the real killers today," Slome adds.

A new type of insurance product originally conceived by Dr. Marius Barnard, the physician who performed the first human heart transplant, provides a cash payment to individuals upon diagnosis of a critical illness. "No other insurance product has been conceived of by a medical professional," Slome notes. "Dr. Barnard was a visionary and critical illness insurance is now sold in 54 countries worldwide."

Sales of the protection have grown slowly in the United States. About one million individuals now have protection according to Association data.

"Every individual between the ages of 30 and 49 needs to do some critical illness planning today," Slome advises. "That's when you have the most options and when the risks start to grow." To help educate consumers and make them aware of options, the Association has launched a new consumer education website.

"Planning begins with getting the information you need to make an intelligent decision," Slome concludes.

The American Association for Critical Illness Insurance http://www.criticalillnessinsuranceinfo.org is the national trade organization focused on educating individuals about the importance of critical illness planning. The Association's Consumer Information Center can be accessed at http://www.criticalillnessinsuranceinfo.org/learning-center/.

American Association for Critical Illness Insurance
3835 E Thousand Oaks Blvd.
Westlake Village, CA 91362

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