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Critical Illness
Insurance
Get A Quote |
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An
accelerated benefit
rider. |
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Introduction: |
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What is Critical
Illness? |
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Why do you need Critical
Illness Insurance? |
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What is Critical Illness |
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It's a living benefit. |
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A form of supplemental
health insurance. |
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Pays a lump sum (tax
free) benefit to you if
you are diagnosed with a
covered condition. |
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It helps replace lost
income and offset
expenses associated with
a Critical Illness. |
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You have the complete
flexibility to use the
lump sum payment any way
you like. |
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Covered conditions on
policy |
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Heart attack |
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Life-threatening cancer |
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Stroke |
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End-stage kidney failure |
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Major organ transplant |
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Permanent Paralysis |
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Loss of limb |
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Life
Insurance |
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Pays for dying not the
consequence of surviving
a deadly illness. |
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Health Insurance |
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Pays for the illness not
the consequence of the
illness. |
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Disability Income |
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Protects income due to
long or short-term
illness not
the consequences of the
illness. |
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LTC Insurance |
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Pays for permanent
incapacitation due to
chronic illness not the
consequences recovery. |
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Critical Illness
Insurance
Pays for the
Consequences;
Not the Event. |
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Who do you know who’s
had: |
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Cancer |
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Heart attack |
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Stroke |
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Kidney Failure |
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Make a list of those
people. |
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Did you know … |
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The Probability of
incurring a critical
illness before the age
of 65 is four times as
great as dying from any
cause. * |
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American’s Are Living
Longer |
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What does this mean? |
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People are living
longer, often with a
life altering illness |
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Modern medicine can save
the patient but may
cause financial drain on
family resources |
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Traditional insurance
products fall short in
“treating”this dilemma |
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As a result we all face
new risk! |
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Every day in the U.S.,
Over 3,000 people have A
heart attack** |
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Someone in the
U.S. Suffers a stroke
every 45 seconds** |
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1 in 2 men, and 1 in 3
woman, can expect to
contract cancer*** |
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Good News…Odds Are You
Will Survive |
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Over 7 million heart
attack survivors are
alive in the U.S. |
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The 5-year relative
survivors rate for
cancer is 64% |
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About 5.4 million stroke
survivors are alive in
the U.S. today |
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Bad News Is That America
in not prepared |
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Loss of income |
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Time off work |
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Medical expenses not
covered by health plan |
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Home or automobile
modifications |
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Living (Survival) Cost |
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Medical cost not covered
by insurance |
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Co-payments, deductibles |
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Money to allow your
spouse to take a leave
of absence |
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Loss of income
–disability insurance
only pays part of your
former income. |
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Pay your mortgage
payment, bills, and
other debts that don’t
go away because you are
ill. |
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Childcare and or
Domestic help |
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Pay for travel to
treatment centers |
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Preserve assets and
equity |
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LivestrongPoll |
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The Lance Armstrong
Foundation released the
“LivestrongPoll”of more
than 1000 cancer
survivors. |
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49% said that their
non-medical needs
weren’t being met. |
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53% of those surveyed
said dealing with
emotional, psychological
and financial issues
were often more
difficult for them to
cope with than the
medical ones associated
with the disease. |
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43% had a decrease
income as a result of
their cancer |
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25% went into debt |
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39% incurred over
$10,000 of debt as a
result of their cancer. |
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Financial Impact Cause
by C.I. |
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In a study by the
journal “health
Affairs”, they
distributed
questionnaires to 1,771
bankruptcy filers in
2001 in CA, IL, PA, TN,
and TX. That year there
were 1.46 million
bankruptcies in the U.S.
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Medical bills were cited
as the cause in 46.2% of
the personal
bankruptcies in the
study.
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75% of those seeking
court protection from
creditors had health
insurance at the start
of the illness.
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56% of those filers
owned a home and the
same number had attended
college.
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More kids have to endure
parents’ bankruptcies
than divorces |
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CRITICAL ILLNESS
INSURANCE |
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“Not because you are
going to
die, but because you are
going to
live.” |
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Dr. Marius Bernard |
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* General Re Life Corp.
2004 |
**American Heart
Association 2005
*** American Cancer
Society 2005 |
