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Sept. 16, 2013 /PRNewswire/ -- Cardium Therapeutics (NYSE MKT: CXM) today announced that LifeAgain™ Insurance Solutions Inc., a wholly-owned subsidiary in Cardium's investment portfolio, and AgencyONE, its commercialization partner, have entered into agreements to market and sell term life insurance issued by Symetra Life Insurance Company under LifeAgain's BlueMetric Select™ term life insurance program for men with active localized prostate cancer. The BlueMetric Select program was developed based on LifeAgain's Advanced Medical Data Analytics Platform Technology (ADAPT™). This new life insurance program (
www.lifeagain.com) is expected to be available in all 50 states.
Prostate cancer is one of the most prevalent forms of cancer in
the United States. Currently, men with elevated prostate-specific antigen (PSA) scores and active localized prostate cancer usually are considered uninsurable based on traditional underwriting standards. LifeAgain's BlueMetric Select program was specifically designed to assist life insurance companies to provide eligible men with term life insurance coverage following a cancer diagnosis or upon the completion of a prostate cancer surgery, without the traditional multi-year waiting periods and additional medical re-qualifications generally required by most life insurance companies.
LifeAgain's proprietary Advanced Medical Data Analytics Platform Technology enables a scalable, actuarial-based risk assessment based on a diagnostic histological biopsy or a prostate cancer surgery. Together with an applicant's overall health, these factors may be used to support favorable underwriting decisions and to establish appropriate premium pricing based on the level of prostate cancer progression of each applicant.
The BlueMetric Select program has been designed for men aged 45-65, who are in otherwise good health and who have low- to medium-risk active localized prostate cancer, which has been confirmed by a recent biopsy, and for men who have recently completed prostate cancer surgery. This program seeks to provide term life insurance coverage and may include an automatic renewal option (following the initial ten-year term), the right to convert into universal life insurance, and an accelerated benefit in the event of a terminal illness. The BlueMetric Select Program is designed to offer substantial coverage levels, ranging from
$100,000 to $1,000,000, without waiting periods, so an individual can begin the application process on the day of his prostate cancer diagnosis, or immediately following completion of prostate cancer surgery. Additional information about the BlueMetric Select Program is available at
"The American Cancer Society reports that there are more than 2.5 million men in
the United States who have been diagnosed with prostate cancer. Prostate cancer affects 1 in 6 men in the U.S., and over the next 10 years more than 8 million men under the age of 64 are expected to be diagnosed with an elevated PSA score. In 2013, more than 238,000 men will be diagnosed with prostate cancer and nearly 100,000 men will undergo prostate cancer surgery. Our new BlueMetric Select program provides men with a life insurance option that they may not otherwise have as they manage their personalized prostate cancer journey that will last a lifetime, that may include 'watchful waiting' and 'active surveillance,' after re-evaluating their families' life insurance needs in response to their prostate cancer diagnosis," said
Christopher J. Reinhard, Chairman and CEO of Cardium.
"We are pioneers in assisting life insurance companies in developing 'survivable risk' life insurance and believe that the introduction of LifeAgain's BlueMetric Select program represents an important step forward for cancer patients, cancer survivors and their families, as well as the life insurance industry. As a result, we will seek to advance the BlueMetric Select program into international markets and expand our Advanced Medical Data Analytics Platform Technology into other medical indications, first in the U.S. market and then internationally," Reinhard said.