What is Critical Illness Insurance?
Critical Illness Insurance is a protection you can buy that will allow you, your family, and your lifestyle to survive a critical illness and its cost.
We all like to think we are immune to a serious illness – but we’re not. Chances are that you'll suffer a serious accident or illness. The good news is that in today's society all the medial advances have increased our survival rates. That means you probably will live if a critical illness strikes you.
Of course this is good news!
However, are you prepared for the financial burden of recovery? Health insurance will cover some of the expenses, but you will still be left with the rest of your monthly household expenses.
- How would you replace your income and your spouse's income while he or she helps care for you?
- How would you pay for your home, car payments, credit card debt, deductibles, children(s) expenses, etc?
Buying Critical Illness Protection will prevent you from going into a financial disaster at an already stressful time.
It pays a lump sum benefit upon the first diagnosis of a covered illness or medical procedure. This kind of insurance may address from 12 to 21 medical conditions. This product is one of the fastest-growing protection solutions in the industry today. This could be a strong supplement to your health insurance.
The cash benefit is paid directly to you –to use any way you choose! You could pay the mortgage for a year, settle credit card debt, choose alternative treatments or even go on vacation.
What would the money mean to you?
- Freedom to choose your health providers
- Freedom to have your spouse by your side
- Freedom from worry about your bills and your mortgage
- Freedom to take extra time off from work while you get back on your feet
Two plans are available:
- Simplified Issue
- Regular Issue
Critical Illness Insurance?
According to the first National Critical Illness Risk Assessment Study published by the American Association for Critical Illness Insurance:
- 25-year-old male non-smoker has a 24 percent chance of having a critical illness (cancer, heart attack or stroke) prior to turning age 65.
- 25-year-old male who smokes has a 49 percent chance of having a critical illness (cancer, heart attack or stroke) prior to turning age 65.
- 17 percent of non-smoking men and 36 percent of male smokers who reach the age of 55 without having a critical illness will be diagnosed with one prior to turning age 65
- Women who reach age 55, some 12 percent of non-smokers and 23 percent of smokers will face a critical illness before reaching age 65.
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