Critical Illness Insurance
What is considered a critical illness?
Coverage may vary but the typical policies, but most are nearly identical in the four main claims. The top covered conditions are cancer, heart attack, stroke and renal failure. There are more, however they do range slightly from one insurance company to another. Other conditions covered may be blindness and deafness or coma, major burns or loss of limbs. Some carriers may cover any terminal illness, Paralysis or Multiple sclerosis and may also add on additional partial coverage like angioplasty.
Based on the actual story of a critical illness policy would work and reason critical illness insurance was created. Critical illness insurance was founded by Doctor Marius Barnard, a South African who with his brother Christian performed the first successful human to human heart transplant.
Dr. Barnard had a young woman patient who was diagnosed with a critical condition, lung cancer.
The lung was removed and only 3 weeks later, went back to work since she had children and bills.
Two years later the woman returned to the doctor very weak and could see she was already in her later stages of terminal illness, but still had to work.
Modern medicine unavailable then like today may have had a different outcome but sadly not. Fortunately the patient had life insurance, but would it not have been better to have a policy that paid out while she was alive so that she was not forced to work as week as she was til the day she died?, Dr. Barnard stated.
Critical illness insurance was born and has grown immensely the world over and is one of the two main products that are suggested to have today outside of your health insurance policy, along with an accident plan
How does it pay and how it can be used?
The policy pays a lump sum benefit to the insured upon the diagnosis of a covered critical illness such as the conditions listed above. Whether you have a heart attack and be out of work, or a business owner who wants a business to come back to after cancer, critical illness insurance will pay a lump sum benefit such as $20,000, $50,000 or over $100,000. These funds go directly to you and you use t how you wish. Pay for the out of pocket expenses, loss of income for 6 months to a year, cover deductibles, clinical trials, added expenses, or maintaining your mortgage, or replacing spouses income if they are off work by your side. There is no limitation, but protect your life savings starting at a few dollars a month.
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Today as we are living longer, the doctors are doing their part, and a supplemental critical illness policy is the financial doctor helping you survive financially. Getting a policy is simple and help choosing the right plan for you might be confusing. Contacting FloridaHealthInsurance.com can walk you through the process, or if wish to get a quick quote, fill out this online application now