Self-employed Employee Benefits Provider, Upland, California
Did you know that this type of policy was first created by Dr. Marius Bernard, in 1983 in South Africa? Dr. Bernard has a famous brother Dr. Christian Bernard who preformed the first heart transplant. Dr. Bernard saw that his brother was saving lives but destroying them financially.
Group critical illness insurance is a supplemental health insurance program which is essentially a pool of money that will be given to you in lump sums for various illnesses such as stroke, heart aliments, paralysis, severe burns etc. Depending on your illness you can receive different amounts of that pool of money. As an example, you could buy an amount of $50,000 which you could receive the entire amount if you had a severe stroke or a portion if you have a heart attack. The point is that once you receive the entire $50,000 your policy would be cancelled as all benefit had been paid out.
Is it a good policy to buy? Well I own one, with the idea being to make up deductibles and co-pays, if I have a covered problem, which aren't paid by my health insurance policy. Some other reasons to buy are loss of income or a quick remodel of your home if you need to use wheel chairs to get around.
Group Critical Illness insurance is coverage sold to or through businesses so that the employees can receive payment if they develop a health condition covered by the policy. The employer can pay the premium and provide the coverage as a benefit, or the employee can pay the premium and take the policy with them when they leave that job. The policy pays a lump sum to the employee if they are diagnosed with one of the qualifying illnesses. There may be a survival rate requirement in order to receive the benefit.
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Group critical illness insurance is a supplemental health insurance program which is essentially a pool of money that will be given to you in lump sums for various illnesses such as stroke, heart aliments, paralysis, severe burns etc. Depending on your illness you can receive different amounts of that pool of money. As an example, you could buy an amount of $50,000 which you could receive the entire amount if you had a severe stroke or a portion if you have a heart attack. The point is that once you receive the entire $50,000 your policy would be cancelled as all benefit had been paid out.
Is it a good policy to buy? Well I own one, with the idea being to make up deductibles and co-pays, if I have a covered problem, which aren't paid by my health insurance policy. Some other reasons to buy are loss of income or a quick remodel of your home if you need to use wheel chairs to get around.