We typically avoid thinking about devastating health-related risks in life,
such as critical illnesses like cancer, heart attack, or possible stroke.
According to the Council for Disability Awareness, over one in four of
today’s 20 year-olds will be out of work due to injury or illness
before they retire. In the mid-1990s, critical illness insurance policies
were introduced into the United States in order to provide financial coverage
in case such tragic circumstances occur.
Along with the three major critical illnesses mentioned already, other
critical illnesses include:
- Heart valve replacement
- Kidney failure
- Multiple sclerosis
- Organ transplants
Critical illness insurance awards you a lump-sum cash amount if you are
diagnosed with any one of the critical illnesses covered by your policy,
whether you make a full recovery or not. Compared to disability insurance,
critical illness insurance is designed to give you a source of income
to pay your health costs once you are diagnosed with a critical illness,
while disability insurance pays a portion of your income.
Based on statistics taken annually by the American Association for Critical
Illness Insurance, 1.5 Americans will declare bankruptcy this year; 60%
are because of medical bills. Your age when you apply, your current health
status, your sex, and whether or not you use tobacco products determine
the cost for protection. You can purchase as little as $5,000 to as much
as $1 million, while most individual policies range from $10,000 to $50,000.
speak with Insurance Specialists, Inc. about your options, call 888-451-0883!