Critical Illness Insurance
It could happen to you
Do you know anyone who has suffered from cancer, a heart attack or a stroke? The answer is probably yes.
Do you know how financially debilitating a critical illness can be? The answer might be no, so stop and think about that for a second. Emergency fund? Gone. Savings? Get ready to dip in. Money set aside for retirement? You'll probably need to access these funds as well.
We know, we know, it won't happen to you. But how many who experience a critical illness actually see it coming?!?
What is it?
Critical illness insurance (also referred to as catastrophic illness insurance) pays a lump sum benefit upon the first confirmed diagnosis of any one of the covered illnesses or the resulting medical procedures. You may be eligible to collect the benefit more than once, if you are diagnosed with multiple conditions.
A critical illness policy can be purchased to complement your existing health and/or disability insurance plan.
Why buy critical illness coverage?
The answer is simple -so you're fully prepared (financially) in case a serious illness strikes.
And so you're not a burden on your family.
When a critical illness strikes, your loved ones are bound to be disturbed by the emotional and financial burden that comes with it.
With advancements in technology and medicine making for greater rates of survival in cases of cancer and heart attacks, there's more reason to think about your financial future after diagnosis. That's where critical illness insurance comes in.
What factors could cause a critical illness?
- Your genes
- Your family's medical history
- Your habits and lifestyle
- Your occupation
- An accident
- External factors
Why do you need this if you already have medical coverage?
Even if you have health insurance, there are other costs associated with a severe medical diagnosis (needs that standard medical insurance doesn't cover). Needless to say, a critical illness brings with it financial and emotional stress.
The benefit dollars can be used for things like:
- Your mortgage, auto loan or credit card payments
- Your income and your spouse's lost wages, if one or both of you has to stop working
- Your extra medical costs - deductibles, prescriptions, out-of-network expenses, etc.
- Your rehabilitation, training or education
- Lodging expenses if you're seeking medical attention outside of your area
- Child care and nursing care
- A relaxing vacation while you recover
What does critical illness insurance cover?
Most plans pay in the event of the following:
- Heart attack
- Permanent paralysis due to a covered accident
- Any major organ transplant
- Coronary artery bypass surgery
- Eyesight, speech, or hearing impairment
- End-stage kidney (renal) failure
What if you're young and/or healthy and plan on staying that way?
Who plans on getting sick or hurt?!? No one.
While none of us want to think about any of this, the reality is stark when you look at these numbers:
- Every 34 seconds, someone in the U.S. will suffer from a coronary event, and about every minute, someone will die from one
- Every 24 seconds, someone in the U.S. is diagnosed with cancer
- Every 40 seconds, someone in the U.S. is having a stroke
What other information and key features are there?
- Lump sum coverage (and payout)
- Health screening/wellness benefit
- Lower premiums for younger and healthier persons
- Basic medical costs (annual checkups, for instance) not covered
- Convenient payment options
- Claims could be rejected due to on the following grounds- preexisting health conditions, any critical diagnosis within the first 90 days, or if the insured does not survive 30 days after diagnosis of the illness
- Sometimes offered as a rider (or benefit) on a traditional life insurance policy
Contact AccuQuote at 800-442-9899 to learn more about protecting you, your assets and your family with critical illness coverage.
Did You Know?
1. American Heart Association,"Heart Disease and Stroke Statistics – 2013 Update: A Report from the American Heart Association," Circulation (December 12, 2013)
2. American Cancer Society