New analytical tools and technologies have become a major part of modern medicine, saving lives through a combination of early problem detection and a growing understanding of how the human body operates. Advanced genetics is now playing an increasingly important role, allowing us to predict with expanding accuracy the risks that a given individual will face in the future. Unfortunately, it’s exactly this rising ability to analyze and predict that is destroying our current model for the insurance industry.
New technologies save lives, but they also cost more, and rising costs tend to be the center of the health insurance debate. However, the bigger long-term problem with both life and health insurance is that the entire concept on which it is founded is being undermined. The current insurance model is based not upon what is known, but upon what is not known, sharing costs to deal with future unpredicted calamities. Much as we pay taxes to fund a fire station, not knowing whose house will catch on fire, life insurance is sold to protect against unpredicted death. The problem is that technology is now allowing us to predict in ways never before possible. As a result, people who have the greatest need for insurance can face the biggest challenges in getting it. It’s especially ironic, since advanced technologies now give those facing life threatening disease a much better chance of survival.
LifeAgain Insurance Solutions is a newly-formed wholly-owned subsidiary of Cardium Therapeutics, a regenerative medicine company. LifeAgain is initially focused on the development, marketing, and sale of survivable risk term life insurance programs for patients with certain cancers or other medical conditions having improved mortality due to medical advancements, but who are typically considered uninsurable based on traditional life insurance underwriting standards. The company recently announced that LifeAgain has entered into a commercialization agreement with AgencyONE to support the pioneering development and commercialization of innovative survivable risk life insurance products based on Cardium’s advanced medical data analytics platform technology (ADAPT™).
For additional information on Cardium, visit www.CardiumTHX.com. Additional information on LifeAgain will soon be available at www.cardiumthx.com/lifeagain.
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