Can You Afford a Critical Illness?
Even if you have health insurance, a critical illness (CI) will impact every aspect of your life. There will be your regular health insurance deductible and things that it won’t pay for. And, you’ll probably need time off from work, while your household bills still need to be paid. CI insurance is that rainy day fund that gives you money to spend on these things, or on anything else.
Critical illness insurance policies help you focus on your recovery, not missed paychecks, by paying out cash for any qualifying serious illness.
Benefits are paid upon first diagnosis, as a lump sum payment, not paid on actual expenses incurred. Talk to your agent for details.
What is a Qualifying Critical Illness?
The following diagnoses can trigger a CI insurance policy to pay out, in full or in part:
- Heart Attack or Stroke
- Life-threatening Cancer
- Major Transplant
- Paralysis – Quadriplegia, Paraplegia, or Hemiplegia
- Renal (Kidney) Failure
- Non-Invasive Cancer
- Coronary Artery Bypass Graft
This list includes all of the sudden medical conditions that can suddenly transform a person’s life. Because they often require surgery, they’re also among the most expensive conditions that you’ll encounter. If they happen to you, your income and your savings will both be devastated. So why take the risk? Get coverage that could help tremendously.
Bundle with Life Insurance
Or get Critical Illness Insurance on its own
You can get CI coverage on its own. Or you can get it bundled with your life insurance coverage. Many life insurance policies today automatically include “Living Benefits” that make it possible for your life coverage to pay out before you die.
Living benefits will trigger for more than just heart attack, stroke, and cancer. Other triggers include chronic illness and terminal illness.
- Chronic Illness – If you lose the ability to perform 2 of the 6 main activities of daily living (ADLs), you have a chronic illness. You’ll be unable to work, and possibly need to hire help to take care of you on a daily basis.
- Terminal Illness – If you are diagnosed by a physician as expected to die within 12 months, you have a terminal illness. You’ll probably be unable to work, and have to make some important end-of-life plans.
When you get Life Insurance with Living Benefits, you’ll have a policy that can pay out for any of these: Critical, Chronic, or Terminal Illness, or Death. And, the Living Benefits pay outs can end up being much higher than for a Critical Illness policy on its own (depending on the size of the life insurance policy).
Use the Money to Save Your Life
We’ve heard of some remarkable cases where Critical Illness benefits saved a person’s life. In one case, a man in his 50’s had a form of cancer that all of the doctors he spoke to said was inoperable, and that he would almost certainly die. He could not find a single doctor in his state willing to perfom the operation.
But he was able to find a doctor willing to perform the operation in Sweden. He had his $50,000 lump sum benefit, and chose to spend it to fly to Sweden for treatment. He received the treatment, spent a month in Sweden to recover, and still had 10 thousand dollars leftover. These critical illness benefits saved his life and bought him time to relax and recover.