While the chances of surviving a critical Illness such as cancer, heart attack, or stroke are greater than ever, living with a condition after diagnosis can create severe financial hardships for your clients.
Traditional health insurance plans cover medical expenses such as Hospital and Doctor’s fees. But other non-covered expenses such as insurance deductibles, child care, travel to and from treatment facilities, and short term home health care must often be paid out of pocket by the patient.
I recently spoke with an Advisor in Maryland that was diagnosed with a cancerous tumor in his throat just six months ago. He had the tumor removed and just finished up a bout of radiation and chemotherapy. Though feeling much better now, he was unable to work full time and the treatment affected his business dramatically – his business, household and medical expenses continued to build up.
I asked him, “Would a check for $50,000 upon diagnosis have helped out with taking care of you and your family?” He replied, “Yes, but it’s too late for me to get a critical illness policy”.
I told him that he is in the perfect position to kick start his business – by telling his story and helping all of his clients avoid what he just went through for the past six months, and recommending an affordable Critical Illness policy.
Critical Illness insurance pays a tax free lump sum payment on diagnosis of any one of a list of serious illnesses – including cancer, heart attack, or stroke. Claims statistics suggest we are five times more likely to suffer from one of these illnesses than we are to die before we reach age 65.
Medical advances have now enabled people to survive conditions that might have killed earlier generations. For example, more than 90% of men diagnosed with testicular cancer are still alive five years later, while 80% of women diagnosed with breast cancer have the same survival rate. About 5.8 million stroke survivors are alive today, many of whom have permanent stroke related disabilities.
There are several Critical Illness policies on the market
While most critical illness policies have a reduction or loss of benefit at age 65, there are plans that extend the full benefits to age 70.
Think of putting your premium dollars in a safety deposit box. If you are diagnosed with one of the 12 covered illnesses, the policy will pay the face value. If you die of one of the covered illnesses the policy will pay the face value to your beneficiary. If you die of any other reason, 100% of all premium paid will be returned to the beneficiary as tax free death benefit.
The likelihood of surviving a critical illness grows every year, as does the threat of being diagnosed with one. The coverage is affordable – the total cost for a Male age 40, $50,000 lifetime benefit, is $75.50 monthly. In addition to the lifetime version of the product, clients can choose from 10-15-20 and 30 year coverage periods – there is a plan to fit any budget.
Selling Critical Illness insurance provides you with a great opportunity to tell a meaningful story, help more families, and increase sales. Please contact your Life Sales Rep for more information.