PHILADELPHIA, April 10, 2006 (PRIMEZONE) -- In the time that it will take you to read this line, another person in the United States will have filed for bankruptcy in the aftermath of a serious illness. In fact, many Americans might have to face the fact that while they or a loved one have survived their critical illness, their bank account might not. According to a recent Harvard study, 50% of bankruptcies are due to serious illness and, 75% of these people had health insurance(a). In an effort to help consumers prepare for the additional expenses associated with critical illness, Stonebridge Life Insurance Company announced today its Critical Illness Insurance, which provides coverage for customers in the event that they are diagnosed with one of four critical illnesses -- cancer, stroke, paralysis, or a heart attack.
A photo accompanying this release is available at: http://www.primezone.com/newsroom/prs/?pkgid=2532
Critical Illness Insurance from Stonebridge Life Insurance Company gives customers a one-time payment of up to $50,000 when they are diagnosed with one of the covered illnesses. This lump-sum payment provides customers the flexibility to spend the money on whatever makes sense for them and their family and might include basic monthly expenses like a mortgage payment, car insurance, groceries, and childcare.
"Many people aren't aware of the financial consequences of surviving a critical illness, especially if they're unable to work for an extended period of time while they recover," said Marlene Jupiter, author and expert on personal finance(b). "Now that medical progress and early detection are helping more people live through critical illnesses, people need to plan for how they're going to financially survive the aftermath, which can be more difficult than surviving the actual illness."
Critical Illness Insurance from Stonebridge Life offers a direct-to-consumer product with flexible payment plans and monthly premiums for as low as $20 a month. Benefits are available in amounts of $10,000, $20,000, $30,000, and $50,000, and are payable as a lump sum. As an added feature, customers who sign up before the age of 50 and select the Return of Premium option, will be paid back all of their premiums in a one-time payment if they don't make a claim before they are 65(c).
"It has become increasingly clear to us at Stonebridge Life that many people are unprepared for the financial hardships they might face if they became critically ill," said Lew Whalen, Vice President of Stonebridge Life Insurance Company. "That's why we devoted our financial strength and 35-year heritage to create a Critical Illness Insurance plan that will give many Americans peace of mind that their finances will be more stable should they be faced with a critical illness."
In an effort to educate Americans about the need for critical illness insurance, Stonebridge Life is executing a cross-country "Are You Covered?" consumer awareness campaign, beginning on April 10, 2006. Traveling to six cities on its way from Philadelphia to Los Angeles, three convertibles will make the trip "uncovered," letting people know how they can "cover" themselves if they or a loved one are diagnosed with certain critical illnesses. For additional information about the caravan and a schedule of planned stops, please visit www.StonebridgeCritical.com.
In addition to the "Are You Covered?" caravan, Critical Illness Insurance from Stonebridge Life will be supported by a direct marketing campaign, including television, advertising, and a direct mail campaign, as well as Web site redesign.
Critical Illness Insurance from Stonebridge Life is currently available to eligible consumers in 33 states. For more information about availability and eligibility, please visit www.StonebridgeCritical.com.
About Stonebridge Life Insurance Company
Stonebridge Life Insurance Company, a leading direct response insurer, offers families straightforward and convenient ways to protect their financial assets. As a valued customer, you can depend on Stonebridge Life to meet your needs with quality products, quick response time, and courteous, dependable service. In addition to the Critical Illness Insurance, Stonebridge Life offers term and whole life insurance and Accidental Death insurance plans directly to consumers via mail, phone, and the Internet. Stonebridge Life has been protecting families across America for over 35 years, and as of May 13, 2005, is rated A+ (Superior; 2nd of 16) for financial strength by A.M. Best Company, one of the most respected independent analysts of the insurance industry. Stonebridge Life Insurance Company is a member of the AEGON Group, one of the world's largest insurance organizations. For more information about Stonebridge Life Insurance Company and its Critical Illness Insurance, visit: www.StonebridgeCritical.com.
The Stonebridge Life Insurance Company logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2525
Photo is also available at NewsCom, www.newscom.com, and via AP PhotoExpress.
(a) Harvard Study, Illness and Injury as Contributors to Bankruptcy,
2005.
(b) Paid spokesperson.
(c) The Return of Premium benefit is available to those age 18-49.
