Critical Illness: 2 Ways to Get Coverage

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Many Americans could not afford an unexpected $1,000+ medical bill, and deductibles are often even higher than that. So just imagine needing $10,000 a month for chemo, or needing open heart surgery! That's what happens if you're diagnosed with cancer, heart attack, or other critical illness. You may need help with your deductible.

A critical illness (CI) insurance policy can fill that gap in coverage and keep you afloat. CI pays you a lump sum that you can use however you like - to pay what your health insurance didn't cover, or to pay household bills while you take time off work to recover.

Did you know that there are 2 ways to get CI coverage?

Stand-alone CI policies larger than $50,000 are not available though. That would help with deductibles.

Another, better way to get CI benefits is to get life insurance with living benefits. Living benefits bundles critical illness benefits together with chronic and terminal illness benefits, into a life insurance policy. This isn't available with all life insurance policies, so talk to your agent about it.

With this type of policy, you can convert 75-95% of your life insurance's death benefit into something you can receive while you're still living.

If you need life insurance, this is a much more economical way to plan your benefits. Call us to learn more at 484-460-3922.

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Source: https://www.cnbc.com/2021/01/11/just-39percent-of-americans-could-pay-for-a-1000-emergency-expense.html.