New critical care insurance available

American General Life Insurance Company, a member company of American International Group introduced its latest critical illness product: AIG CriticalCare Plus. The first critical illness plan in the industry with term options, and the only stand-alone plan that covers loss of independent living, AIG CriticalCare Plus, provides a lump-sum benefit of up to $500,000 upon initial diagnosis of a critical illness, including cancer, stroke and heart attack.

According to a report released February 22, 2006, by the U.S. Centers for Medicare and Medicaid Services, consumers were projected to have spent nearly $249 billion for out-of pocket health care costs alone in 2005. That number is expected to increase 69 percent to $421 billion in 2015. Similarly, more than 50 percent of bankruptcies are medically related, according to Health Affairs' February 2005 edition.

AIG CriticalCare Plus includes 12 covered conditions and it features:

• A lifetime plan and 10-, 15-, 20- and 30-year term plans
• Maximum benefit of up to $500,000 (underwriting required for amounts exceeding $100,000)
• Full benefits payable through age 70, and after 70 for Loss of Independent Living
• Preventive Care Benefit that covers health-screening tests.
• For an additional fee, an optional Benefit Extension Rider allows for the payment of additional benefits even after the maximum policy benefit has been paid for the first critical illness.
• Pays 25 percent of the benefit for a major organ transplant when the insured is entered into the United Network for Organ Sharing waiting list. UNOS coordinates the nation's organ transplant system.
• Return of premium on death (amount paid is cumulative premium paid, less any benefits paid)

For more information, send an e-mail to [email protected].