If you were to have a Critical Illness like a heart attack, a stroke, or were diagnosed with cancer, you would find out how much your current health insurance might not cover. There would be additional expenses, maybe a deductible has to be paid, or perhaps you wanted some alternative treatment but the insurance company wouldn’t pay for it. And, if you’re fortunate enough to have a Disability Insurance policy, there’s probably a 60 or 90-day waiting period before benefits would start being paid to you. All in all, there’s a BIG gap to fill.
While you’re recovering, who pays for the ongoing monthly family expenses? If your Spouse or Partner has to quit work to help take care of you, what happens then? Where will the money come from? This is where Critical Illness insurance could make a real difference to you & your recovery.
Here’s how it works:
All Critical Illness policies are designed to pay a policyholder at the first diagnosis for the most common big illnesses: cancer, heart attack, stroke and/or Alzheimer’s disease. There isn’t any treatment plan or continued claim forms that you or your client’s Doctor have to submit. It’s just that simple.
After the qualifying event is diagnosed by your own Doctor, only one claim has to be submitted to the insurance company. The insurance company then pays the policyholder a lump sum. Even better, the lump sum benefit you receive from a Critical Illness policy never coordinates with your health insurance. You never have to worry about the insurance company determining that you aren’t truly disabled, or that you don’t qualify for long-term care. The lump sum payment you receive from the insurance company can be used for anything you need as you’re recovering.
How Much Coverage Do You Need?
To help you determine how much coverage you might need, ask yourself these questions:
- What would my mortgage payments be for the next 2 years?
- What are my family’s household expenses for the next 4 months as I am recovering?
- If my Spouse or Partner had to take care of me when I am recovering, what amount of our monthly income would be lost?
