Yes, we have row_layout 'busy_bees'.

what is a critical illness?

The three primary are cancer, heart attack and stroke. Critical Illness insurance policies may also cover such conditions as:

  • Heart transplant
  • Coronary bypass surgery
  • Angioplasty
  • Kidney (Renal) failure
  • Major organ transplant
  • Paralysis

why was critical illness insurance created?

Millions of individuals, even with health insurance, have faced financial struggles due to critical illnesses. Due to this, Critical Illness Insurance was created.

Critical illnesses can occur over time or instantly. Some 1.7 million Americans are diagnosed with cancer in the United States (American Cancer Society). Additionally, an estimated 785,000 Americans will have a first heart attack and 600,000 Americans will experience their first stroke (American Heart Association). Thankfully, the vast majority will survive.

Even with these staggering numbers, few prepare for the after-effects of a critical illness. Health insurance policies can reach up to $5,000 a year through deductibles and co-pays. High-cost prescriptions, however, are rarely fully covered.

Health insurance premiums still need to be paid while receiving treatment.

how much cash can I receive?

The cash payments can range from $10,000 to as much as $1 million. They are paid as a single, lump-sum payment as soon as the individual is diagnosed with a covered condition.

Some policies will provide multiple cash payments. If you have survived cancer; you get a cash payment. Three years later, you have a heart attack; another payment. But this varies from insurer to insurer, so be sure to ask if it applies.

why would I need critical illness insurance benefits?

why would I need critical illness insurance benefits?
Why would I need critical illness insurance benefits?

We know you will find a way to put good cash benefits to use:

  • Cash to pay for medical treatments not covered by your health plan.
  • Cash to pay your mortgage while you are recovering.
  • Cash to pay bills – from car payments to insurance premiums.
  • Cash so you can travel for treatments not available locally.
  • Cash to pay for experimental treatments (not covered).
  • Cash to replace a spouse’s income while caring for the insured.

are there different forms of critical illness insurance?

are there different forms of critical illness insurance?
Are there different forms of critical illness insurance?

Yes. There is Simplified Issue Individual Protection typically are available in amounts up to $50,000. Generally, insurers will only ask a few health questions for these policies. They tend to be affordable and available from individual insurance professionals.

There are Fully Underwritten Individual Plans are available in higher amounts; up to $500,000. Medical information will be requested by the insurer. These plans are also available from individual insurance professionals. There are plans available through employers which are generally offered on a voluntary basis (fully paid by the employee).

There are life insurance policies that offer a critical illness insurance benefit often available as a rider to your policy.

how much will I pay for critical illness insurance?

how much will I pay for critical illness insurance?
How much will I pay for critical illness insurance?

A simple way to approach the matter is to multiply your monthly mortgage payment by 24 (2 years worth). As an example, you’ll see that a male age 40 (non-smoker) seeking a cash benefit payment of $10,000 would pay between $180 and $200-a-year for critical illness insurance. Smokers will pay about 50 percent more.

A female age 50, purchasing $20,000 of coverage, will pay about $350 a year. Rates for smokers increase significantly after one reaches age 50. A number of insurers will issue up to $50,000 or critical illness insurance coverage without a medical exam. Referred to as simplified issue, it is the most affordable and a good place to start for protection.

tips for buying critical illness protection

tips for buying critical illness protection
Tips for buying critical illness protection

Buy only as much protection as you comfortably can afford. Multiply your monthly mortgage payment by 24 (2 years worth). Imagine the peace of mind of knowing you’ll be mortgage-payment free while you recover and undergo treatment. Finally, costs for coverage can vary from one insurer to another. Therefore it pays to work with a knowledgeable professional who has access to coverage from multiple insurers. They will make sure you get the best coverage for the best cost.