Sponsored Insurer Critical Illness – QUOTE LINK
Sponsored Insurer Critical Illness – QUOTE LINK
General Overview of Critical Illness Insurance:
ARTICLE: Critical Illness – A Cash Benefits Survival Form of Insurance
by Paul M. League, QFP — QUALIFIED FINANCIAL PLANNER
Advances in medical science are resulting in the survival of many severe health conditions but, even with good health insurance, many can not financially survive the costly, compounding expenses, often caused by a major critical illness.
Probably, you too know of someone who has suffered a critical illness? What if this were you?
Would your family be protected from the double financial burden arising out of rehabilitation costs, loss of income, home and car modifications, experimental treatment, and increased medical care costs…and, what about your Mortgage or the costs of running your small business?
Critical Illness Insurance is likened to Life Insurance turned into living insurance to look after people while living, not after they die, and doing so by providing them with HARD CA$H to pay their ongoing financial demands and obligations.
Critical Illness Insurance pays CA$H BENEFITS when an insured survives (usually over 30 days), such defined critical illnesses as the following “sample listing” shows:
Hypothetical Plan ~ A Benefits Sampling Example (typically such illnesses must occur 60 days after a policies effective date, with benefits paid regardless of how long one lives and regardless if one is able to work):
1. Cancer (except Leukemia, Stage 1 Hodgkin’s, & non-invasive skin cancers. Malignant melanoma is covered).
2. Heart Attack (myocardial infarction that causes death to a portion of the heart muscle).
3. Stroke (cerebral vascular incident -causing 30 days or more persistent neurological impairment from date of diagnosis; transient ischemic attacks-“TIA’s”- excepted).
4. Organ Transplant (human heart, lung or lungs, liver or bone marrow. Autologous excepted).
5. Kidney Failure (irreversible failure of BOTH kidneys leading to regular renal dialysis or kidney transplantation).
6. Coronary Bypass- equal to 25% of the Cash Benefit (to correct the narrowing of coronary arteries or branches).
7. Angioplasty- equal to 10% of the Cash Benefit (to correct a 70% or greater blockage).
TERMINAL ILLNESS (a bonus feature offered in some plans, and usually at no added cost): When purchasing a Cash Benefit of $100,000 or more then you can receive a Terminal Illness Benefit equal to that benefit (payable if you have a certified terminal illness with a life expectancy of 12 months or less and no reasonable prospect of a cure, less any previously paid partial payments).
TOTAL DISABILITY BENEFIT (an optional rider offered by some carriers):
Example: Equal to the Cash Benefit amount you purchased (less any previously paid partial payments; add 15% to cost).
Disability must last beyond 6 months and be doctor determined as lifetime permanent. If employed you can’t do any job, and if not employed you have a functional incapacity that permanently prevents you from engaging, without help, in 3 or more activities of adult daily living (“ADL’s” – continence, dressing, eating, transferring, toileting, bathing); mental illness disabilities excepted; ORGANIC BRAIN DISEASES LIKE PARKINSON’S & ALZHEIMER’S ARE TYPICALLY COVERED UNDER SUCH RIDERS).
SURVIVAL STATISTICS^ are higher today then ever (compare 1990 back to 1950): Heart Attack: 67% survival vs. 45%; Cancer: 54% vs. 30%; Stroke: 69% vs. 24%. Nearly 59 million Americans currently live with some form of cardiovascular disease, 3 million Stroke & 8 million Cancer (1 in 3 women & 1 in 2 men will be affected^^). Chances of surviving a critical illness are on the rise, and so is the need for insuring the delivery of cash benefits to help offset the increased financial liabilities of a critical illness.
REMEMBER: Good Health Buys It, Money Only Pays For It!
IF YOU CAN YOU QUALIFY – THEN GET COVERED NOW!
Coverage is generally available to all persons who are: in good health, within normal height & weight standards, not on active military duty, not receiving Worker’s Compensation or other forms of disability payment, currently within Ages 18-70, and don’t have more than 1 immediate family member diagnosed under the age of 55 with heart or kidney disease, stroke, cancer, or insulin diabetes [health condition exclusions are those pre-existing conditions present 12 months before to 12 months after the effective date. Prior coverage credit is given for prior non-supplemental medical, hospital, or surgical coverage has not lapsed over 30 days. Premiums can only be changed if the table rates covering all persons on the Group plan are changed. The policy can’t be canceled unless you fail to pay timely premiums].
^/^^Source: Cancer Facts & Figures – 1995, American Cancer Society and Heart and Stroke Stroke Facts: 1995 Statistical Supplement, American Heart Association.
ACT NOW … let us help you SURVIVE financially by getting you HARD CA$H when it’s needed most and by helping you to protect your hard-earned money – not compete for it.
Disclaimer: The material discussed herein is meant for general illustration or informational purposes only and is not to be construed as financial advice. Although the information has been gathered from sources believed to be reliable, it is not guaranteed. Please note that individual situations can vary; therefore, the information contained herein should be relied upon only when coordinated with individual professional advice. We are not licensed for and therefore do not provide tax or legal advice.
About the Author: Paul M. League, QFP—QUALIFIED FINANCIAL PLANNER, is the Founding Principal of League Financial & Insurance Services (www.LeagueFinancial.com), which is a privately held company, established in 1984, located in Palm Desert, CA. Paul and his company specialize in assisting clients to create, expand & preserve assets “…in a league of our own.” Contact Information: Paul M. League, P.O. Box 11800, Palm Desert, CA 92255-1800; 800.482.5347; Info@LeagueFinancial.com. © Paul M. League. All rights reserved.
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