With medical advancements, people are able to survive critical illnesses which may in the past have resulted in a death. While your clients can rest easy knowing they have a higher chance of survival if they receive an unsettling diagnosis – they also have to afford living with the condition, which can create a severe financial strain if they are not properly covered.
For clients who are looking to protect themselves from the financial burden medical expenses would bring, there is Critical Illness Insurance.
Critical Illness Insurance offers a tax-free lump sum payment on first diagnosis of any one of a list of serious illnesses – including cancer, heart attacks, or stroke.
With comprehensive benefit plans and affordable costs – you could find coverage to fit any client’s budget, with benefits up to $500,000. For a total of $57 a month, a female, age 45 could receive a $50,000 lifetime benefit with the option to choose 10-15-20- or even 30-year coverage periods.
With Critical Illness Insurance, your clients’ premium dollars are, in essence, being put into a safety deposit box, which can be collected in one of three ways:
- The policy will pay the face value in the event your client is diagnosed with one of the 12 covered illnesses, including cognitive impairment or Alzheimer’s Disease
- The policy will pay the face value to your beneficiary in the event your client passes from one of the covered illnesses
- 100% of all premiums paid towards the plan will be returned to the beneficiary as a tax-free death benefit if your client passes for any other reason
While most critical illness policies have a reduction of benefit at age 65 – we have contracts that extend the full benefits out to age 70. In addition, any benefits after age 70 would still pay a full benefit for cognitive impairment or Alzheimer’s Disease.
Traditional health insurance plans, while the most common form of protection, will only cover hospital and pharmaceutical expenses. However, additional costs, such as insurance deductibles, childcare, insurance premiums, and short-term home health care would be billed directly to your client – who should be recovering, not stressing about how they will pay the bills.
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.
The likelihood of surviving a critical illness grows every year, as does the threat of being diagnosed with one. Contact your Disability Insurance Specialist for detailed information about a plan that meets each of your clients’ needs and budget.