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Critical illness insurance is medical insurance that pays a lump-sum benefit upon diagnosis of a critical illness or condition.
A Critical Illness occurs more often than one might think:
- About every 34 seconds, someone suffers a heart attack
- Every 40 seconds someone suffers a stroke
- Over a lifetime, nearly half of men will be diagnosed with some form of cancer
- The lifetime cancer tisk for women is more than one in three.
The good news is that more people survive a Critical Illness thanks to the miracles of modern medicine and new technology.
The bad news is that traditional health insurance may not be enough. According to a Harvard Study1 on medical bills and personal bankruptcy:
- 62% of all persona bankruptcies in the United States were due to illness and medical bills
- 78% of families involved had medical insurance at the start of their illness
- Families with private insurance reported average out-of-pocket medical bills of $17,749, and that's enough to force them into bankruptcy
A critical illness insurance payout helps you avoid the financial strain a major illness can create so you can focus on your recovery. It gives you the freedom to:
- Get the treatment you want
- Spend time with your family and friends
- Keep your home and other assets
Traditional health insurance is valuable, but often limiting. Because medical treatment is more advanced than ever, it's also more expensive. People today often experience financial hardship because of the medical expenses their health and disability insurance don't cover. Critical illness insurance could be a strong supplement to other health insurance. Determine if you need critical illness by learning what it pays for that other plans don't.
Because critical illness insurance pays you a cash benefit upon diagnosis of a covered critical illness or condition, you choose how to spend it:
- Make payments on your mortgage
- Pay medical bills
- Hire help for around the house
- Take a family vacation
Critical Illness coverage is available in amounts from $5,000 to $500,000, with up to triple indemnity (pays out up to three times the policy face amount for three different covered diseases). Premiums are based upon age, gender, tobacco use, and face amount. Policies are subject to medical underwriting, but an exam may not be required for policies up to $50,000.
For a FREE proposal, please contact Life Solutions today!
The purchase of critical illness insurance is a serious decision, with significant financial implications for you and your family. That is why it is always a good idea to use a professional insurance agent when purchasing critical illness insurance. The best choice is an insurance agent that has earned the professional designation, Chartered Life Underwriter.
1Clinical Research Study. Harvard University, 16 March, 2011.
http://www.pnhp.org/new_bankruptcy_study/Bankruptcy-2009.pdf
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Critical Illness 
