Critical Illness

If a critical illness strikes, you probably will live.  That’s the good news!  But, few of us are prepared for the financial burden of recovery.  Health insurance doesn’t come close to covering all expenses.  How would you replace your income or your spouse’s lost wages while he or she helps care for you?  Where would the money come from for home and car payments, deductibles, treatments outside of your health network or home health care?  What if you couldn’t return to your present job and salary?

If you add your usual monthly bills, then subtract your lost income if you had to recuperate – it might equal a financial disaster at an already stressful time.

What if you were injured or seriously ill and couldn’t work?

How would you pay these bills?

Borrow money – without an income it might be difficult to qualify for a loan.

Rely on savings – even if you routinely save 10% of your annual income, a year-long disability could wipe out 10 years of savings.

Live on your spouse’s salary – if you are like most families, your budget and bills depend on two salaries.

Sell your possessions – this is a one-tome option, and you might not be able to get top-dollar for your assets in an emergency sale

Depend on Social Security disability coverage – only 38% of disability applicants are approved, and they must wait five months for any benefit to begin.  The average monthly benefit in the recent past was $1063

Some policies pay a lump sum benefit (that may be income tax-free) upon the first confirmed diagnosis of a covered illness or medical procedure.  Additionally, if you collect the benefit for an illness or procedure in one category and then are diagnosed with a condition in another category, this policy will pay the full benefit to you again.

Then some benefit triggers are cancer, heart attack, stroke, bypass surgery, angioplasty advanced alzheimers, loss of speech-hearing-sight, coma, and kidney failure, etc.  Benefits range from 50,000 to 500,00 per category.

Someone in the U.S. will suffer from a coronary event, and about every minute, someone will die from one

Every 21 seconds…
Someone in the U.S. is diagnosed with cancer

Every 40 seconds…
Someone in the U.S. is having a stroke

If you would like to discuss Critical Illness further please call 847.985.8489