Critical Illness Insurance

Most of us understand that traditional health insurance helps offset the cost of medical care, including hospitalization, doctor bills, tests, and prescription drugs. However, what most of us may not know—but might come to realize—is that traditional health insurance does not cover any indirect costs associated with an illness or medical condition. It does not cover loss of income during recovery or personal expenses for groceries or housing. It does not cover mortgage or car payments, auto or homeowners insurance, credit card payments, or other recurring expenses during this time. Insured or uninsured, a medical crisis can quickly cut deep into one’s savings. As Americans are typically notoriously bad savers—a recent survey shows that 28 percent of Americans have no emergency savings, and only 17 percent have savings equal to three to six months of expenses —it is obvious that few can afford a major illness. At lest 83% need a solution now to help them in case of a major illness. Fortunately, there is an insurance product designed to address the out-of-pocket medical and non-medical costs that are a growing concern, even for people with existing health insurance coverage. This insurance product is critical illness insurance.

Critical Illness coverage typically pays a lump sum benefit ranging from $5,000 to $100,000. Benefits are paid out at diagnosis. Most critical illness benefits are paid out due to cancer, heart attack or stroke.

Premiums are very affordable and you can get a return of premium paid. The return of premium makes the critical illness policy feel like a savings plan with benefits.

How can you use your critical illness funds?

  • Health Insurance out of pocket costs - Often $6,000+ annually!
  • Time off work for you and/or spouse
  • Indirect Medical Expenses not covered in health insurance
  • Help cover gap in Disability Insurance
  • Monthly Expenses - mortgage/rent, loans, etc
  • Groceries
  • Entertainment
  • Home remodel to adjust for disability

Bottom line is that you can use the money how you like. This coverage is designed to keep stress of financial burdens away while you get better or manage your new critical illness. Critical Illness coverage is not to replace health insurance, disability insurance or life insurance but essential in a complete financial plan.

Contact one of our brokers to learn more or to enroll in a plan.

  • (800) 528-1744