From its inception in the UK in 1987, more than 700 providers worldwide offer this coverage, with over $100 billion in sales. In Japan, during the initial 10 months when this coverage was made available, more than 500,000 policies were sold. The success of this coverage has been evident. Not having this type of coverage could be catastrophic. According to a study from Harvard Law School in 2005, half of bankruptcies in the United States are due to excessive medical expenses. On average, bankrupt patients had to pay $11,854* in out-of-pocket expenses, although 76% of them had health insurance.
|Incidence of Critical Illness||Percentage of Surviving Victims||Financial Survivability||Traditional Products are not the solution|
|In 2006, 1,400,000 cases of cancer were diagnosed||70% of heart attack victims survived at least 3 years||33% of families spend all their savings in a serious illness||Life insurance protects beneficiaries but not the insured|
|On average, someone suffers a CVA every 4 seconds in the United States||75% of stroke victims are still alive 1 year later||67% of all cancer-related costs are not direct medical expenses||Health insurance policies do not cover the consequences of a disease|
|Every 26 seconds an American suffers a coronary event||65% of cancer victims in 1991-2001 lived five or more years||Experimental medical treatments are not covered by insurance plans||Retirement products pay benefits to beneficiaries both upon retirement and upon death|
Wegner, Jonathan Critical Illness Policies Sell But Some Question the Need Omaha World Herald June 4th.2005