Critical Illness

Why would I need critical care insurance?

People used to die if they had a heart attack, stroke, or cancer. Now they don’t due to all the medical advances over the past 15 years. Nobody wants to return to the “good old days”. But it was simpler. Dad had a heart attack and died. His grieving family received a  life insurance check to help them pay the bills and get back on their feet. Now Dad (or Mom) is rushed to the hospital and survives, but faces months or even years of expensive treatments, physical therapy, and lost income. The family discovers painfully how many expenses their medical insurance won’t cover. The patient doesn’t qualify for disability benefits, because he’s not permanently disabled. And  life insurance pays zero. Maybe the family doesn’t have medical insurance. The ranks of the uninsured are growing because of skyrocketing health care costs, rising premium rates, higher deductibles and co pays, and employer cutback in benefits.Who can benefit from this type of coverage?

Anyone with a mortgage. The first thing most people think about during a financial crisis is: How am I going to keep my house? How  would you manage mortgage payments and other monthly bills if you couldn’t work for several months?

Thirty something singles and single parents. Being single you may not be concerned about life insurance but do you have the cash reserves to meet monthly expenses in case of an emergency?

Forty to fifty-years-old. You have lived long enough to see at least one or two friends or acquaintances struggle with serious medical problems and you are wise enough to know it could happen to you.

Hazardous occupation workers.  Farmers, firefighters, police, truck drivers, and comparable workers who need disability insurance but can’t get affordable coverage.   Critical illness insurance is a good safety net.

High income professionals.  Often you can’t get as much disability insurance as you want.  Critical illness insurance is a good supplemental policy for doctors, lawyers, and similar professionals.

Business partners/owners.  Traditional buy-sell agreements cover the risk of the death of a partner, but what happens to a small business if a partner is absent for several months recovering from a stroke?