Critical Illness Insurance - A Cash Benefits Survival Form of Insurance
by Paul M. League, QFP, CFP®
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. Autologus excepted).
5. Kidney Failure
(irreversible failure of BOTH kidney’s leading to regular renal dialysis
or kidney transplantation).
6. Coronary Bypass- equal
to 25% of the Cash Benefit (to correct 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 effective date.
Prior coverage credit given for prior non-supplemental medical, hospital
or surgical coverage 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 investment 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, CFP® is the Founding Principal of both League Financial & Insurance
Services (www.LeagueFinancial.com) & League Financial Services (www.LeagueFS.com),
which are privately held companies
located in Palm Desert, CA.
Paul and his companies specialize in assisting clients to
create, expand & preserve assets. Contact Information: Paul M. League, QFP, CFP®, 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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