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.