Why Critical Illness Insurance is Important Now

The Health Care Reform Act has place a heavy burden on the insured in America. Regardless of how you feel about the Act one thing is obvious the cost of Health Insurance and Health Care is NOT going to decrease! While there may be some positive things in the Act those things always come at a price. The price will always be borne by the end user. That is exactly why Critical Illness Insurance is the greatest opportunity in the insurance industry today. A Critical Illness policy can be designed to make the insured and their family both financially and emotionally secure while they get physically well.

Who Benefits from Critical Illness Insurance?

With advances in treating critical illnesses such as; cancer, heart attack, and strokes; life expectancy has dramatically increased. However, the excitement of survival is soon replaced by the financial and physical demands on the family associated with survival and recovery. Few of us are prepared for the financial problems that comes from surviving a critical illness. Health insurance does not cover all expenses and there are many non medical expenses that can occur.

How Does Critical Illness Insurance Work?

A critical illness plan is supplemental health insurance that pays benefits when an insured is diagnosed with a disease, such as heart attack, stroke, cancer or kidney disease. An insured who has a heart attack, stroke, or other covered disease receives a lump-sum benefit payment. Some plans pay benefits for one covered disease and then the policy ends. Some cover several disease categories, paying benefits for more than one disease and offering benefits if the insured has a recurrence. Both plan types pay benefits regardless of what health insurance coverage the insured may have.  The insured can then use the money as they see fit.

Critical Illness Insurance Fills the Gaps In Health Insurance Coverage

As deductibles increase the gaps in coverage get even greater. An individual deductible of $2500 with a maximum out of pocket exposure of $5000 will be financially devastating to the average working American. Combine than with the typical treatment process associated with a critical illness and the insured could be looking at $10,000 spent in the span of just a few months. With the median income in America being around $45,000 this is a burden far to great to bear. That is why over 60% of the bankruptcies in America were the direct result of medical expenses incurred because of a critical illness.

Critical Illness Insurance Brochure

Regardless of who you are an agent, broker or an individual looking for protection for yourself, critical illness insurance is the ticket to securing your financial future.