While the chances of surviving a critical illness such as cancer, heart attack, or stroke are greater than ever. Living with the condition can create a severe financial hardship for many of our clients.
Traditional health insurance plans cover medical expenses such as hospital stays, physician’s fees and the pharmacy bill. However, additional costs such as the insurance deductibles, child care, insurance premiums, and home health care must often be paid for by the recovering patient directly.
Critical Illness Insurance pays a tax free lump sum payment immediately upon first diagnosis of any one of a list of serious illnesses – including cancer, heart attacks, or stroke.
Claims statistics suggest we are 5 times more likely to survive rather than die before we reach age 65 of cancer, heart attack or stroke.
The good news is, medical advances enable people to survive conditions that could have killed us years ago. For example, more than 90% of men diagnosed with testicular cancer are still alive 5 years after first diagnosis, and 80% of women diagnosed with breast cancer have the same survival rate. There are over 5.8 million stroke survivors are alive today, many of them with permanent stroke related disabilities.
We have access to several critical illness carriers that offer unique policies to meet your client’s needs. I have found one plan in particular that offers a very comprehensive benefit plan at a very affordable cost.
Think of putting your premium dollars into a safety deposit box and if you are diagnosed with one of the 12 covered illnesses (including Alzheimer’s) the policy will pay the face value. Or, if you die of one of the covered illnesses, the policy will pay the face value to your beneficiary. If you should die of any other reason, 100% of all premium paid towards the plan will be returned to the beneficiary as a tax-free death benefit.
While most critical illness policies have a reduction of benefit at age 65, we have critical illness contracts that extend the full benefits to age 75.
The likelihood of surviving a critical illness grows every year and so does the threat of being diagnosed. The coverage is very affordable. A male age 40 can secure a $50,000 critical illness benefit for only $52.56 per month. There is a plan to fit any budget with benefits up to $500,000.
Critical Illness Insurance is one of the best kept secrets in the industry and provides advisors a great opportunity right now to meet more clients, help more families and increase sales. Look to your clients with a family history of cancer, heart disease, or hypertension. They are very likely to be interested in purchasing protection before they are diagnosed.
Contact your Disability Insurance Specialist for detailed information about a plan that meets your client’s needs and budget.
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