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Insurance for North Carolina State Firefighter Association

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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:

  • Blindness
  • Heart valve replacement
  • Kidney failure
  • Multiple sclerosis
  • Organ transplants
  • Paralysis

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.

To speak with Insurance Specialists, Inc. about your options, call 888-451-0883!