Critical Illness Insurance pays life benefits…in a lump sum…to a person upon diagnosis of a heart attack, cancer, stroke, kidney failure, terminal illness, the need for a bone transplant organs etc
The key is that the payment is triggered by the diagnosis. The benefits are not tied to any reimbursement of expenses, such as health insurance, and you can use the money in any way you choose… to replace lost income, pay for experimental treatment, pay off personal debts, including mortgages, and other expenses continuous.
There are NO LIMITATIONS on how the money will be used!
The vast majority of Americans have never heard of critical illness insurance because most insurance agents haven’t either. Most agents still prefer to sell mortgage life insurance, and yet according to HUD…only 3% of foreclosures are the result of death and 48% are the result of severe financial hardship caused by A serious illness!
A recent study by Harvard University found that 50% of bankruptcies in the United States were the result of a medical emergency…and that more than 75% of those people had health insurance to begin with!
You see, you can have the best health insurance coverage in the United States and still miss out, because health insurance is designed to cover only medical expenses. It’s not going to pay the mortgage or rent, college tuition, car payments, utility bills, or grocery shopping for the family. It won’t pay your health or life insurance premiums (you’d better not let those policies lapse when you’re seriously ill).
This is where the enormous strength of a Critical Illness policy lies… as a source of much-needed funds in a time of medical emergency.