Critical Illness/Mortgage Protection

Did you knowthat last year, over 60% percent of personal bankruptcies in the United States were due to medical illness? If you think that is alarming, consider this: 75.7% of those individuals had health insurance at the onset of the bankrupting illness. While the numbers have enough implications, the real question is, "Why?" Why, if most of those individuals had insurance, did they still go bankrupt? Is it because their health insurance had gaps in the coverage? Unfortunately, yes.

Having high-quality health coverage only pays your medical bills. What about deductibles and coinsurance? Lost income? Mortgages and equipment leases? Monthly obligations will continue regardless of whether or not you are working. A high-quality health plan is just the beginning. Critical illness insurance is equally important. 50% of all men and 35% of all women will be diagnosed with cancer in their lifetime. A critical Illness policy pays you a lump sum face amount upon diagnosis of a critical illness.

A Critical Illness is generally defined as a heart attack, stroke, renal (kidney) failure, life-threatening cancer, major organ transplant, coma, paralysis, terminal illness and major burns. This means that upon diagnosis of any of these triggers (critical illnesses), an insured individual would receive a cash, lump sum, tax free benefit, for the face amount selected at the time of application. Most policy holders would require six to twelve months of income. In the event of your death most critical illness policies also offer the added benefit of mortgage protection. This will help your family pay down expenses if you were to die for any reason. Benefits range from $10,000 to $100,000. Benefits are paid in cash to the beneficiary.

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