Critical Illness Insurance – What It is and Who Needs It

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Critical Illness Insurance—What It is and Who Needs It on avanteinsurance.com

Why your regular health insurance is just not enough

Do you know what the number one reason for personal bankruptcy filings is in the United States? If you’re thinking credit card debt or mortgage issues, you’re actually incorrect. The fact is, millions of people each year are forced to declare bankruptcy because they’re unable to pay exorbitant medical bills. Many others end up cleaning out their savings and cashing in their retirement accounts just to cover the cost of treatments, hospital stays, surgeries, and medications associated with a serious illness. If you’ve never thought about critical illness insurance, this guide is for you. Moreover, if you’ve been thinking about it but are unsure if it’s needed, you’ll also find many of the answers related to this unique and very specific coverage:

What is critical illness insurance?

A fairly new product in the insurance arena, critical illness coverage was first launched in 1996; perhaps to address the fact that the life expectancy in our country continues to grow year after year. There’s also an alarming amount of critical illnesses diagnosed annually and although most folks have some sort of health insurance coverage, not many consider the fact that when hit with one of the big three—a heart attack, cancer or stroke, or some other debilitating illness, their policy only covers so much. And that’s where critical illness coverage takes over.

This type of coverage will pay many of the expenses that your traditional health or disability insurance won’t cover, including:

 

Co-pays

Non-covered prescription drugs

Alternative treatments

Insurance Deductibles

Out-of-town care

Mortgage payments

Car payments

Utilities

Lost income

 

How does it work?

Critical illness insurance is growing in popularity and more carriers are beginning to offer products. This greatly benefits the consumer because it provides you with the opportunity to shop around and find the solution that works best for you. As with other insurance products, there are many different options—some critical illness policies will pay out a tax-free, lump sum upon diagnosis and others will pay out in increments, depending on your needs and the illness itself. Although cancer, stroke and heart attack are the most common illnesses covered, this type of insurance can also provide coverage for:

 

Organ transplants

Kidney failure

Blindness

Paralysis

Multiple Sclerosis

Coronary bypass

Brain tumors

Deafness

Alzheimer’s Disease

Comas

 

Who needs it?

Considering that every 34 seconds someone in the United States suffers with a stroke, and every 40 seconds someone has a heart attack, it’s safe to say that everyone should consider critical illness insurance. If you’ve ever had a family member diagnosed with cancer or some other debilitating disease, you know how quickly the medical bills can rack up. That being said, no matter how old or healthy you are, it’s a smart idea to be prepared with a policy that can alleviate at least some of the stress that’s associated with a serious diagnosis.

Nobody wants to think about being faced with a critical illness, but being unprepared and without the right insurance to carry you and your family through it in the case that something does happen could be as devastating as the illness itself. Having critical illness insurance will ensure that you are able to take the time needed for recovery without worrying about bills and covering extensive medical expenses.

For more information about critical illness insurance or any other kind of coverage for you, your home, business or auto, give us a call today at 305-648-7070; we’re standing by to help you.