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Why Critical Illness?
Did you know that 60% of costs associated with Cancer and 35% of the costs associated with Strokes are non-medical and not typically covered by your Medical Insurance? Most people will use there savings and retirement, go into debt, sell their assets.
Did you know that the majority of disabilities and disability claims are caused by illness?
Critical Illness products are used as a means to supplement current policies and protect income and assets.
Critical Illness Basics!
A Critical Illness plans can come in one of two forms, A lump-sum payment (or indemnity) plan, will pay out a one time lump sum benefit (regardless of costs incurred) if an event happens. Or, as a supplement to a health insurance policy, which will cover costs towards health insurance expenses (determined by the explanation of benefits).
These plans will typically cover events such as Heart Attack, Life Threatening Cancer, Renal Failure, and more.... The benefits that are covered are typically determined by the insurance companies contract. Sometimes these plan's may contain additional benefits for Life Insurance, or Accidental Death and Dismemberment.
Not all plans are created equal, many will have differences in how they define certain conditions to be covered. For instance, Life-threatening cancer instead of a simple diagnosis of cancer.
Indemnity style critical illness plans can be very helpful for paying deductible, covering lost time from work, paying for bills, or travel expenses involved with a critical illness situation.
We have access to many carriers with Critical Illness plans in multiple states and locations including Minnesota, Iowa, Texas, Wisconsin, Illinois, Michigan, North Dakota and more. To find out about the criticall illness plans we offer please contact us.