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Why would I need critical care insurance?
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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?
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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? |
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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? |
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Forty to fifty-year-olds.
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. |
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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. |
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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. |
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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? |
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