Critical illness insurance helps you to survive financially while physically recovering from a serious illness!

While health care insurance will cover a portion of the direct costsassociated with a critical illness, these plans typically require payment of deductibles, coinsurance and/or co-pays, which can range from $2,000 to $10,000 or more in out-of-pocket costs to you before the plan provides 100% coverage.

If you elect out-of-network care from a specialist or nationally-recognized hospital, you may face significant additional expense, plus the cost of travel and lodging.

In addition, indirect expenses associated with recuperating from a critical illness, such as modifications to a home or vehicle, child care expenses and convalescent care, may not be covered.

It is important for you to know what your health care plan will and will not cover before a critical illness strikes.

A single critical illness could consume the assets you’ve worked a lifetime to accumulate.

Ask yourself…if you suffered a critical illness and were out of commission for three to six months, would you be able to survive financially? If the answer is no, there is a potential remedy,

A Potential Solution Using Critical Illness Insurance:

Critical illness insurance is a source of funds you can use to help cover the indirect costs that arise when a serious illness strikes. By providing money when you need it most, upon diagnosis of a serious illness (as defined in the policy), critical illness insurance can help.

Critical illness insurance pays you a lump sum of money upon diagnosis of a covered condition. This money is yours to use for any purpose, with no restrictions. For example, critical illness insurance proceeds can be used to pay:

Mortgage or rent payments, as well as any other bills you may have; Health insurance deductibles, coinsurance and/or co-payments;

The costs of receiving out-of-network medical treatment, including possible travel and lodging expenses;  Treatments not covered by traditional health insurance;  Child care expenses during treatment or hospitalization;  Modifications to your home or vehicle;  and/or Shorter-term home health care.

Since the premiums paid for critical illness insurance are not tax deductible, the benefits are considered as income and are received 100% free of income tax.

How Critical Illness Insurance Works:

In evaluating a critical illness insurance policy, you need answers to these questions:

What Is Covered?

Critical illness insurance pays benefits upon the diagnosis of specified illnesses. A basic policy should cover at least heart attack, stroke and life-threatening cancer.

 A more comprehensive policy should also include other serious conditions, such as renal failure, multiple sclerosis, coronary artery disease, advanced Alzheimer’s Disease and major organ transplant.

What Is the Benefit Amount?

The benefit amount is selected at the time the policy is purchased and, generally speaking, can range from $10,000 to $100,000 or more.

 The benefit amount is paid in a lump sum upon diagnosis of a critical illness covered by the policy. Since the premium paid increases as the benefit amount increases, it is important to evaluate your other sources of funds available in the event of a serious illness in order to more accurately determine the critical illness insurance benefit amount that is right for you.

When Is the Benefit Paid?

The critical illness insurance benefit is paid to you in a lump sum upon diagnosis of a critical illness covered by the policy. Some critical illness insurance policies pay a partial benefit, such as 25% of the maximum benefit, on the occurrence of certain specified treatments, such as coronary angioplasty or coronary artery bypass surgery.

The policy usually terminates upon payment of 100% of the benefit.

Does the Policy Have an Elimination or Qualification Period?

Some policies require that for benefits to be payable, the policy must be in effect for a stated period of time, such as 90 days, before diagnosis of a covered critical illness is made.

Critical Illness Insurance Checklist:

In purchasing critical illness insurance, it is important to select coverage that matches your needs and preferences. As you evaluate various policy features and benefits, however, keep in mind that the choices you make can affect the premiums you pay and the benefits you are entitled to receive.

Covered Illnesses

What serious illnesses are covered by the policy?

Benefit Amount

 What is the lump sum amount payable upon diagnosis of a covered critical illness? Is the benefit amount payable in a single lump sum, or in specified percentages or amounts? If the benefit is payable in specified percentages or amounts, does the premium decrease accordingly?

 Elimination Period

 Is the benefit payable immediately after diagnosis of a covered critical illness? If not, how long must the policy be in effect before benefits become available?

 Guaranteed Renewable

 Can you renew the coverage for life, so long as you pay the premiums when due?

 Premium Increases

 Under what circumstances can the insurance company increase the premiums?

 Death Benefit

Does the policy provide any kind of death benefit if you die without receiving any benefits?

Optional Coverages

Are there any optional coverages available, such as inflation protection or an accidental death benefit? Since optional coverages generally require payment of an additional premium, carefully evaluate the value of any optional coverages to you and your personal situation.

For more information call out office at: 800-559-8777 or email us at: mailto:uslifeplans.com

Duaine Owings-Health-Life-Disabilty Expert

THE “I’LL NEVER NEED IT” INSURANCE…

Why disability insurance could be
the most important insurance you DON’T have.

Provided by Duaine Owings

Are you going to live forever? Of course not. As someone once said, life is terminal – and no one gets out alive. Most of us understand that and have accepted it. We all want to leave this world with our financial affairs in good order. So we draft a will and an estate plan, and we purchase life insurance. But few of us consider disability insurance – the coverage that can help us maintain our income and quality of life while we are alive.

Do you think you don’t need disability coverage? Think again. What are the chances that you will be disabled at some point in your life? Statistically, the chances are much higher than you might expect. Statistics show that people in their 30s are three times more likely to suffer a long-term disability than they are to die. A recent study showed that a 20-year-old worker’s chance of suffering a disability prior to retirement was 3 in 10! While the bulk of those disabled may suffer their disability for about five years, approximately 30% of disabilities are permanent.

A fate worse than death? In financial terms, maybe. Consider this … when you die, your income stops. But so do your expenses. If you are severely disabled and cannot work, your income stops too … but your expenses do not. In fact, due to the cost of medical treatment, your expenses may likely increase. About 25% of bankruptcies (and nearly 50% of foreclosures) occur after a serious injury or illness.

Will the government take care of you? Many disabled people discover that they don’t qualify for state assistance. Others find that the amount or length of coverage available is not sufficient to support them. It’s an all-too-common story. Whether or not you choose to rely on government assistance is up to you, but I would recommend having a back-up plan.

It’s time to start thinking about disability insurance. We’d all like to believe that we’ll never be disabled. But the reality is … it could happen to you. If it does, will your family be taken care of? Will you be prepared?

Duaine Owings is a Representative with Plan To Win Insurance Agency and may be reached at (816-224-9466/800-559-8777) or mailto:duaineowings@gmail.com .