One-third of new critical illness insurance policies opened before age 55

Survey reveals one third of new critical illness insurance policies opened before age 55 

Cancer is leading cause for new policies 

BY Ginny Kipling

Published 4/12/2011   

A study by the American Association for Critical Illness Insurance and Gen Re finds slightly more than one-third of new critical illness insurance claims by male policyholders in 2010 began before reaching age 55. The rest of claims are started at ages 55 or older.

The study also finds claims opened by females began at older ages, with nearly three-fourths being opened after reaching age 55. About 4 percent of claims for both men and women started between the ages of 35 and 44.

Jesse Slome, executive director of AACII, says, "With a record 1 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." The primary cause for 61 percent of new claims was cancer, the study reveals. Heart attacks accounted for 14 percent and stroke for 5 percent of new claims.

Source: AACII

This survey was taken from data from more than 20,500 purchasers of individual critical illness insurance policies made between Jan. 1 and Dec. 31, 2010. The American Association for Critical Illness Insurance is the national trade association providing information to consumers and insurance professionals. For further information, visit the website:  www.aacii.org or call (818) 597-3205.

StatPak

61% — Percentage of new critical illness claims cause by cancer. 14% — Percentage of new critical illness claims cause by heart attacks. 5% — Percentage of new critical illness claims cause by strokes.