One third (34%) of new critical illness insurance claims by male policyholders in 2010 began prior to age 55 according to the 2011 Buyer & Claimant Study conducted by the American Association for Critical Illness Insurance (AACII) and Gen Re. The remainder of claims started at ages 55 or older.
New claims by women began at older ages the study found. Nearly three-fourths (71%) of new claims by female policyholders were opened after reaching age 55. Some four percent of claims for both men and women started between the ages of 35 and 44.
“With a record one million Americans now owning critical illness insurance protection, we sought to look more closely at when claims begin as well as the causes for new claims,” explains Jesse Slome, executive director of the industry trade organization. The study revealed that cancer was the leading cause for new individual claims accounting for 61 percent of new benefit payouts. Heart attacks accounted for 14 percent and stroke for 5 percent of new claims.
Critical illness insurance which pays a lump-sum cash benefit is marketed in 54 countries worldwide and is gaining wider acceptance in the United States notes Barry Eagle, Vice President, Marketing for Gen Re LifeHealth a Berkshire Hathaway Company.
Researchers analyzed data for over 20,500 purchasers of individual critical illness insurance policies made between January 1 and December 31, 2010. The American Association for Critical Illness Insurance is the national trade association providing information to consumers and insurance professionals. Free access to the organization’s online learning, marketing and sales center is offered to insurance and financial professionals. For further information, visit the Website: www.aacii.org/ or call (818) 597-3205.