October is Breast Cancer Awareness Month. Agents and brokers, reach out and talk with your clients about what they can do today to make things easier should the unexpected happen.
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 severe financial hardships for many of our clients.
Traditional health insurance plans cover medical expenses, but costs such as insurance deductibles, child care, travel to and from treatment facilities, and short term home health care must often be paid out of pocket by the patient.
I recently spoke with a broker in Maryland who was diagnosed with Breast Cancer in 2015. She had the tumor removed successfully by a full mastectomy and had just finished up a bout of radiation and chemotherapy. But although she was feeling better, she was unable to work full time and the treatment affected her finances dramatically – business, household, and medical expenses continued to build up.
It’s stories like these that remind us just how invaluable a Critical Illness Policy can be.
Critical Illness Insurance pays a tax free lump sum payment on diagnosis of any one of a list of serious illnesses – including cancer, heart attacks, or stroke.
And since claims statistics suggest we are five times more likely to suffer from one of these than we are to die before we reach age 65, you can think of it as putting a client’s premium dollars in a safety deposit box.
If the client is diagnosed with one of the 12 covered illnesses the policy will pay the face value. If they die of one of the covered illnesses the policy will pay the face value to their beneficiary. If they die of any other reason, 100% of all premium paid will be returned to the beneficiary as tax free death benefit.
And there are plans to fit any budget. A Female, age 45, with $50,000 in lifetime coverage, can get coverage for only $57.46 a month. In addition to the lifetime version of the product, there is a choice of 10, 15, 20, & 30-year coverage periods.
Contact us today for more information.
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