Perhaps the least known product in the medical health insurance market, might be the most important of all. Critical illness insurance is an indemnity product, that pays cash directly to you in the event you have one of the specified health problems.
Over sixty percent of all bankruptcies in American are related to medical expenses. The bills at least contribute to the particular bankruptcy. To be more specific, if you are self- employed or an independent contractor associated with some kind.
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If you do not work you do not get paid. If you have a heart attack, stroke or even a life threatening cancer, sadly you probably will not be going to work for a while. Your own major medical insurance will cover all or the majority of your medical bills. What about your own other bills?
We pay our own other bills with the income all of us earn from our jobs. We usually cannot call the mortgage firm and say, I had a critical illness and have been out of work for two a few months, can I skip by mortgage transaction for a while.
Critical Illness, pays the specified amount of money, usually a minimum of $5, 000 and most companies have a maximum of around $50, 000. You pick the total amount you think you need at the time of purchase.
In case unfortunately, you are diagnosed with the illness, cash is paid to you for anything you need it for, monthly bills, cash flow, whatever the case may be.
This is the only insurance item that was not created by the insurance business. It was created by a heart surgeon, named Dr . Bernard in South Africa. Dr . Bernard said in 1983, “If you die at age 30 than life insurance is more important, but if you obtain a critical illness at age 45 or 50, when you are at the height of your earning ability, and you have an operation plus survive to live another 20 years, than critical illness insurance was essential. Where workability decreases and the capability to provide for your financial needs reduces, I think the critical illness plan is much better. ”
Critical illness guidelines can now be purchased individually or a few life insurance policies have it either added as a benefit or some actually come with it. The life policies would cost a little more, but have a wonderful “living benefit” to come with it.