Critical Illness

Cancer.  Heart attack.  Stroke. Critical illnesses that are taking a back seat to Covid-19, but need to be addressed. These critical illnesses may require extensive treatment, endless visits to doctors and/or specialists, and long term hospital stays. Sometimes even with health insurance, the large medical bills can be overwhelming.

Studies have shown the medial bills from a critical illness force millions of Americans into bankruptcy. Thus, a product was designed to offer a tax free lump sum monetary payment at a time it is needed most.

Critical Illness Insurance is a long-term insurance policy that covers specific serious illnesses listed within the policy. Should a policyholder be diagnosed with one of the conditions outlined in the policy, they will typically receive a one-time pay out to help pay for health insurance premiums, mortgage or rent, debts, food, and/or alterations to their home such as wheelchair access should they need it.  It’s the policyholder’s choice how to spend it.

Other illnesses that may be covered under a Critical Illness policy are heart disease, coronary bypass surgery, angioplasty, kidney failure, major organ transplant or paralysis. The financial aftermath of surviving any critical illness is something a small number of people are prepared for.

Many families with health insurance discover they are under-insured and accountable for thousands of dollars in out-of-pocket expenses. Research shows that some of these out-of-pockets expenses can be from $17,000 – $22,500 or more!

The cash payment from a Critical Illness policy can be from $10,000 to $1 million depending on the terms of the policy.  Policyholders can receive a lump sum payment as soon as they are diagnosed with a covered condition. Factors that are taken into account to determine the cost of a critical illness policy include age, personal history, current health, occupation, and the amount of coverage.

Determining whether a policy like this is right for you is a personal decision.  Our friends at the iCan Benefit Group are available to assist you and answer any questions about Critical Illness Insurance.  Call 1-800-348-7981 to speak with a licensed insurance professional today!

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