Critical Illness—Your Risk May Be Greater Than You Think
Did you know that if you’re a 25-years-old male who doesn’t smoke that you have a one in four chance of having a critical illness (cancer, heart attack or stroke) before reaching 65? If you smoke, it becomes an almost 50% chance.
Jesse Slome, who’s the executive director of the American Association for Critical Illness Insurance, laid out some of these startling statistics in a recent article that highlighted the results of the AACII’s first National Critical Illness Risk Assessment Study.
Additionally, the study results showed that 17 percent of non-smoking men and 36 percent of their smoking counterparts who reach the age of 55 without having a critical illness will be diagnosed with one prior to turning age 65. Women face somewhat less of a risk. Of those who reach age 55, 12 percent of non-smokers and 23 percent of smokers will face a critical illness before reaching age 65.
What this can do to someone’s finances is startling. Slome states that nearly two-thirds of U.S. bankruptcies are the result of medical expenses, and of those filing for bankruptcy, 78 percent had health insurance when they were first diagnosed with a critical illness.
The study drives home the need for critical illness insurance, which pays a tax-free, lump-sum cash benefit, usually once one of the covered illnesses is diagnosed. This type of insurance has been available in the United States for 14 years and some 600,000 individuals have coverage.
Perhaps now is the time for you to contact your agent or financial professional to request information on this unique type of insurance.






