Most of us are aware of the dangers that smoking cigarettes poses on our lungs. In fact, it has been estimated that 87% of lung cancer cases in the United States can be tied to smoking, and men who smoke one pack per day increase their risk for lung cancer ten times. But did you know that, in addition to cancer, smoking significantly increases your chances of experiencing a heart attack or stroke, as well

Smokers put themselves at considerable risk for these three conditions, collectively referred to as critical illnesses, and the numbers are striking. In the first national study of its kind, experts have found (taking into account frequency and duration of smoking) that while men who are non-smokers have a 24% risk contracting a critical illness by the age of 65, that risk more than doubles to 49% when they smoke. For women who reach the age of 55, the relationship was similar, with non-smokers facing a 12% chance for critical illness, whereby that risk jumped to 23% if they smoked. Overall, women faced a lower risk than men for critical illness, especially when they were non-smokers.

While advances in modern medical care can go a long way to help sufferers of critical illness to survive, the long term impact of these illnesses can be significant. Besides the enormous emotional consequences, the monetary cost can be huge because in addition to substantial medical expenses, one must consider the cost of travel as well as lost wages, both of which are generally not covered by insurance. The tragedy of it all is that many people are not adequately prepared.

According to a 2008 report by American Cancer Society and the Kaiser Family Foundation, 20% of insured patients still could not afford cancer therapy. With the cost certain treatments reaching as much as a $1million over the course of a year, these costs go well beyond the standard coverage of most health insurance policies.

With such high costs, even in lieu of coverage, the results can be devastating. In fact, by some estimates, nearly two thirds of all bankruptcies in the country stem from medical expenses, even though 78% of those filing for bankruptcy had health insurance at the time that they were diagnosed. Another grim reality is that, in the face of financial difficulties, some people choose to forgo treatment altogether, thereby potentially exacerbating their conditions.

Recently, however, we have seen the arrival of a relatively new product to the insurance market called critical illness insurance. It specifically addresses the needs of critical illness patients by paying a tax-free, lump sum cash benefit generally upon diagnosis. For people between the ages of 30 and 50 years, it could be more relevant than either life or disability insurance.

For more information, speak with your insurance representative, or check out the websites for the American Association for Critical Illness Insurance and the National Association for Critical Illness Insurance (NACII).