Critical Illness Insurance

Critical Illness Insurance has gained popularity in recent years as a way to protect a family's
savings. With today's advances in medical care people are living longer and surviving critical
illnesses like a heart attack, cancer or a stroke. But that survivability has often come with a high financial cost.  Health care costs continue to escalate and copayments and out of pocket costs can outstrip savings. Roughly 60% of all U.S. bankruptcies stem from medical costs, and that number includes many people with health insurance.

Critical Illness Insurance complements your medical and income disability coverage. Disability
Insurance provided by many employers as a benefit or self-pay option, is the main stay of income protection while a person is off work from an accident or illness. Most
policies will pay 60%-70% of a worker's salary up to a certain age.

Today, many people today can continue to work through a critical illness while undergoing treatment.  They may not need to take off the required number of consecutive days for disability
benefits to kick in (usually 90 days).  Critical Illness Insurance can help cover unexpected expenses associated with travel for medical care, unpaid days off work and medical care that may not be covered by insurance.

Critical Illness insurance pays a lump-sum, tax-free, cash payment if you are diagnosed with
and satisfy the survival period for any one of the critical illness covered by your policy. Some policies will pay multiple times. For instance, if you are diagnosed with cancer you get paid. If
two years later you have a heart attack you will be paid again.

Since you receive a lump sum payment there are no restrictions on what the money is used for. It can go toward medical expenses or help pay the mortgage or other expenses.

If you're concerned that a health crisis might set you back financially, talk to one of the Insurance Advisors at Your Health Insurance Shop to see how a Critical Illness plan can preserve your assets. Call 814.445.4943 for an appointment.

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