I have friends who have collected on critical illness insurance policies, and it definitely was worth it, to them. Insurance is protection against the unknown, so one never knows whether it will be worth it for you or not. If there are illnesses covered by critical illness policies that run in your family, the policy would most likely have more value to you than to a family that does not appear to carry risk for cancer, stroke, etc.
Critical Care Insurance could definitely help in the event of a life altering event. I have Life Insurance that has Critical Illness included free of charge. If I was going to buy Critical Illness I would do it with the death benefit. This way you have the death benefit and Critical Illness.
Here is a good example that will help you out. I have a person who bought 500,000 in a death benefit. If he was diagnosed with Cancer or had a major Critical Illness event he does have the option of accessing up to 90% of that benefit. It would definitely help him maintain his lifestyle while he is out of work.
Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
Yes it is worth having critical illness on your life policy if something happened to you in most cases you could access 90% of the value now and still have a death benefit in place usually there are no cost for the benefit. Your carrier will provide what it covers in detail and if you were to be sued for some reason if this was an accident your policy in most states can't be touched.
Yes.. Yes.. Yes.. If I'm not making myself clear... YES. Critical Illness was developed by a DOCTOR, not an insurance company. Go to YouTube and search Critical Illness Insurance Broker | Dr. Marius Barnard, Creator of Critical Illness Insurance (I'm not allowed to add links on here).
The story is amazing... While doctors are saving your physical life... they are killing us financially. Critical Illness is a fast cash injection that can be the difference between "surviving financially" or gong bankrupt. Most bankruptcies are from the cost of medical bills, treatment, & loss of income during the recovery. MOST of the people that file bankruptcies HAD a major medical plan... It's not JUST the uninsured filing...
How much should you buy??? There are several models to follow.... Yet I tend to use three simple formulas. #1 - One year of income. If you make $35,000, buy $35,000. Like Life insurance, as the benefit goes up, so does the premium. So if the premium is a tad high for the annual income model, then we pivot to the G.A.M.E. plan. Groceries, Auto, Mortgage, Electricity (all utilities). This would help keep the bankruptcy lawyers at bay. #3... "which amount has the wiggle room in your budget: 1, 2, or 3 dollars per day?" Come on.. in almost every household, each adult can part with $1 a day to help secure their financial security.... Anwho...I can say so much more. If you have questions, please reach out -gravy.
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Here is a good example that will help you out. I have a person who bought 500,000 in a death benefit. If he was diagnosed with Cancer or had a major Critical Illness event he does have the option of accessing up to 90% of that benefit. It would definitely help him maintain his lifestyle while he is out of work.
The story is amazing... While doctors are saving your physical life... they are killing us financially. Critical Illness is a fast cash injection that can be the difference between "surviving financially" or gong bankrupt. Most bankruptcies are from the cost of medical bills, treatment, & loss of income during the recovery. MOST of the people that file bankruptcies HAD a major medical plan... It's not JUST the uninsured filing...
How much should you buy??? There are several models to follow.... Yet I tend to use three simple formulas. #1 - One year of income. If you make $35,000, buy $35,000. Like Life insurance, as the benefit goes up, so does the premium. So if the premium is a tad high for the annual income model, then we pivot to the G.A.M.E. plan. Groceries, Auto, Mortgage, Electricity (all utilities). This would help keep the bankruptcy lawyers at bay. #3... "which amount has the wiggle room in your budget: 1, 2, or 3 dollars per day?" Come on.. in almost every household, each adult can part with $1 a day to help secure their financial security.... Anwho...I can say so much more. If you have questions, please reach out -gravy.