Perhaps the least known product in the medical health insurance market, might be the most important of all. Important illness insurance is an indemnity product, that pays cash directly to a person in the event you have one of the specified illnesses.
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Over sixty percent of all bankruptcies in American are related to medical bills. The bills at least contribute to the bankruptcy. To be more specific, if you are self- employed or an independent contractor of some kind. If you do not work you do not get paid. If you have a heart attack, stroke or even a life threatening cancer, sadly you probably will not be going to work for a while. Your major medical insurance will cover all or the majority of your medical bills. What about your own other bills?
We pay the other bills with the income all of us earn from our jobs. We generally cannot call the mortgage business and say, I had a critical illness and have been out of work for two a few months, can I skip by mortgage transaction for a while.
Critical Illness, pays a specified amount of money, usually a minimum of $5, 000 and most companies have a maximum of around $50, 000. You pick the amount you think you need at the time of purchase.
If unfortunately, you are diagnosed with the illness, cash is paid to you for whatever you need it for, monthly bills, cash flow, in any case may be.
This is the only insurance item that was not created by the insurance industry. It was created by a heart surgeon, called Dr . Bernard in South Africa. Dr . Bernard said in 1983, “If you die at age 30 than life insurance is more important, but if you get a critical illness at age 45 or 50, when you are at the height of your earning ability, and you have an operation plus survive to live another 20 years, compared to critical illness insurance was more important. Where workability decreases and the capability to provide for your financial needs diminishes, I think the critical illness policy is much better. ”
Critical illness plans can now be purchased individually or a few life insurance policies have it either added as a benefit or some really come with it. The life policies would cost a little more, but have a good “living benefit” to come with it.