American Heart Month

February is American Heart Month, so it’s a great time to have a conversation with me about your health insurance. Did you know that cardiovascular disease is a leading cause of medical bankruptcy due to inadequate health insurance (reference)?

Help protect yourself and your family by contacting me about health insurance and critical illness insurance, so you’re covered.

Speak with your doctor about signs that lead to early detection, recognizing the symptoms, and getting regular screenings.

And, be heart healthy!

When we hear the word insurance, most of us tend to think of things like car or health insurance. Critical illness insurance most likely isn’t one of the types of insurance that comes to mind, even when talking about cancer or heart attack.

It makes sense—we often don’t want to think about the scarier health-related risks in life—especially not critical illness. Unfortunately this inclination to turn away also often leaves us vulnerable and unprotected should we be diagnosed with a critical illness.

The reality is by the time we reach retirement age, one out of every four of us will be out of work due to illness or injury for longer than our accrued paid time off allows.

What Counts as a Critical Illness? Not just Cancer or Heart Attack
Illnesses can happen to any of us, at any time. They might be simple like a cold, or one of the several critical illnesses that affect Americans. The three major critical illnesses are:

  • Cancer
  • Heart attack
  • Stroke

Other critical illnesses can include:

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

According to The AACII, statistics show annually:

  • Some 1.4 million Americans are diagnosed with cancer.
  • Every 40 seconds someone in the U.S. has a stroke; 600,000 people will experience their first stroke.
  • Every 34 seconds, an American will suffer a heart attack; 785,000 will have a new coronary attack.
  • 1.5 million Americans will declare bankruptcy this year; 60% are due to medical bills (up 50% over six years).

These numbers are alarming and that’s why protecting your income with disability and/or critical illness insurance is so important. Naturally, when we’re unfamiliar with certain types of insurance, many questions come to mind:

• Why do I need critical insurance?
• If I already have disability insurance should I get critical illness insurance as well?
• Which one is the best option?

Differences Between Critical Illness Insurance and Disability Insurance
Critical illness insurance pays you a lump-sum cash amount if you are diagnosed with any one of the critical illnesses covered by your policy, even if you make a full recovery. Disability insurance on the other hand pays you a regular payout when you’re ill or hurt and can’t work. It protects your income from the very real possibility you’ll become disabled for a period of time during your career, whether due to injury or illness.

There are several differences between critical illness and disability insurance.
Income protection: Critical illness insurance is meant to provide you a source of income to pay for your health costs if you are diagnosed with a critical illness, while disability insurance is meant to pay a portion of your income in the event that you cannot work.

Frequency of payment: Critical illness insurance generally provides you a lump sum payment as specified in the policy while disability insurance pays you a monthly benefit, usually a percentage of what you earned before becoming disabled.

Qualification of benefits: Critical illness benefits depend on the diagnosis of one of the policy-listed illnesses, while disability insurance benefits rely on your inability to work.

Tax implications: Critical illness gives you a lump sum tax-free cash payout, while disability coverage is calculated as a percentage of your after-tax income and is paid for a certain amount of time.

Requirement of proof of loss: Critical illness insurance generally doesn’t require any ongoing proof of loss of income, and is not affected by any other income you make, while disability insurance requires ongoing proof of loss of income. Disability insurance payments can stop when you go back to work and start earning income.

Which Critical Illness Policy Is Right For You?
Each critical illness policy has specific terms and conditions, which must be reviewed very carefully. Make sure you understand which types of illnesses are considered critical and will qualify for payment.

If your diagnosed illness is not included on the policy list, your claim may be denied by the insurance company. Also, be aware of the survival period of your policy. Critical illness policies typically have a survival period or waiting period, This is a period of time which specifies how long you must wait after you’ve received your medical diagnosis to collect the lump sum benefit from the insurance company. This period can vary from one policy to another.

Be sure to ask all your questions before buying a critical illness policy. This is where an insurance agent can be a valuable resource. They can help you understand the language in your policy, explain the specific terms and conditions, and guide your decision around which critical insurance policy is right for you.

Heart Disease Life Insurance | Reading PA – If you have heart disease or heart disease runs in your family, it’s important for you to plan ahead for your family’s financial future. Because heart disease is the No. 1 cause for death in the United States, it’s important to keep track of your heart health and make sure that you have preparations in place for your family.

When considering whether or not you need life insurance, ask yourself some simple questions. If you passed away, would your family be able to afford the mortgage to keep their home? Would your family have money for basic necessities like food and clothing? Would your children be able to go to college? All of these situations are important to consider as you’re making the decision for your coverage.

If you answered no to any of these questions, it’s important for you to seriously consider getting coverage for you and protection your family’s financial future.

Term life insurance provides coverage for your family in the event of your death so that they can still afford expenses like the mortgage payment, groceries and college tuition. By planning ahead and putting these protections in place, you are guaranteeing your family the future you planned to have together, even if you are not able to be there. If you are an income provider, term life insurance will cover your family by providing them with your missing income so that they are able to pay bills and live comfortably.

Because death is unavoidable and your family depends on you, it’s important to plan ahead for your family’s future while you are still able. If you have heart disease or heart disease runs in your family, it’s imperative for you to plan ahead for your family, because heart disease is the No. 1 cause of death in the United States.

If you pass away and your family is missing your income, it will be difficult enough for them to pay regular monthly expenses, let alone funeral and burial expenses, in addition to any debts you may have. Having term life insurance coverage will relieve your family of the financial stresses that come along with losing a loved one.

Benefits to Heart Disease Life Insurance | Reading include:

  • Guarantees your family will be able to continue their lifestyle.
  • Guarantees your family will not incur financial burden, or lose their house over their inability to pay.
  • Pay off outstanding bills, such as credit cards or a mortgage.
  • Covers any final expenses or medical costs.
  • Provides a peace of mind that your family will be taken care of after your passing.