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 Why it's important to have Critical Illness Protection How Does Critical Illness Insurance Work? You may know your health insurance covers you if you get sick or injured. But with rising out-of-pocket costs, you may be concerned that you may not be covered enough. That’s when critical illness insurance can be very important for you and your family financially. The idea behind critical illness insurance is that if you’re hit with a medical emergency or a (Critical Illness) life-threatening health condition, you may be unable to afford the costs of treatment and recovery — even with health insurance. You also may be unable to work and earn a living while you are recovering. A lump-sum cash benefit amount can give you the resources you would need to help recover both physically & financially. Critical illness insurance is a form of supplemental health insurance that provides coverage for expenses that your health insurance plan does not cover in the event of being diagnosed with a Critical Illness. Critical illness protection typically pays a lump sum benefit if you are diagnosed with a covered Critical Illness. You can purchase amounts from $5,000 to as much as $500,000 depending upon your needs and budget. Another great benefit this coverage provides: All the lump sum benefit is paid directly to you and, is not assigned to any hospital or doctor and in most cases this money is tax-free. You are free to use the money to help pay for your care, replace lost income, pay your mortgage, provide groceries and other necessary bills. Some of the critical illnesses that are covered by this type of insurance depending upon the company are:
Is critical illness insurance worth it? Considering that you can get coverage starting at less than a $1 per day in most cases, the answer to this is "Yes"! Critical illness insurance is it worth it. Some of the Reasons Why You Need Critical Illness Insurance are:
I have been in the insurance business for over 35 years and have heard far to many times “This won’t happen to me, this happens to other people”. Here are facts and statistics that show why no one is safe and, why having critical illness protection in place can be very important to your future financial security.
Another problem that we see, is that some people will get confused and think that Critical Illness insurance and Disability insurance protection are the same thing. Both types of policies can help you cope with the financial impact of a serious illness or injury but, they have different benefits and limitations. The difference between Critical illness insurance and Disability insurance is that they cover different scenarios and pay out differently 1. Critical illness insurance provides coverage for specific illnesses listed in the policy, which can include cancer, heart attack, stroke etc. If you are diagnosed with one of these illnesses you will receive a lump sum benefit paid to you to be spent as you see fit. With critical illness you do not need to provide proof that you are unable to work to receive the benefit. 2. Disability insurance provides coverage for a broader range of disabilities that may prevent you from working. This includes accident and sickness along with both physical and mental disabilities. If you are unable to work due to a disability, you can receive a monthly benefit that is bases off of a percentage of your income (usually 60%). With disability insurance you will need to provide proof from a physician that you are disabled and unable to perform your job. As you can see there are many benefits to having Critical Illness protection. But, what if you have this coverage and never need it, have your premium dollars been wasted? Some companies offer a “Return of Premium Benefit" that will pay back all of your premiums in the event of death not caused by a covered critical illness. For more information on why critical illness protection is so important to have Contact us
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 Your Most Valuable Asset is Your Paycheck What do you think you most valuable asset is?
 Most people think life insurance is in place only after the policyholder passes away by providing money to help cover expenses and to help your family financially. But, you can also benefit from life insurance while you’re still alive. Specific life insurance plans can help provide much more than just a death benefit.
 In early 2020, Congress put into place protections for people enrolled in Medicaid to ensure that they were able to stay covered during the COVID-19 pandemic. This policy, called the continuous coverage requirement, was originally linked to the COVID-19 Public Health Emergency (PHE). However, an omnibus spending bill enacted in December 2022 severs this link and instead sets March 31, 2023, as the end of the continuous coverage requirement, regardless of whether the PHE remains in effect.
 If you are new to Medicare, or will be in the future, It is vitally important that you understand how this program works and what the costs will be. Many people believe that Medicare will cost them nothing when in fact, it is only Part A of Medicare that can potentially be free. In order to qualify for “Free Part A” either you or your spouse would have had to work at least 40 quarters in your lifetime. Part A covers hospital stays and care while in the hospital and in most cases will cost nothing.
Medicare Part B is not free and covers outpatient care like doctor's office visits, preventive care, scans and tests. Most people pay a premium of $164.90 per month in 2023. It's important to sign up when you become eligible for Medicare to avoid late enrollment penalties. Not only is Medicare not free but, out of pocket healthcare costs when retired could end up being much more expensive than most think due to the number of services Medicare does not cover. For example, dental coverage, vision care or hearing aids are not covered.
 Let's have a show of hands - everybody who's reading this today loves to buy life insurance and pay lots of money for it, right? Lol…Nobody does. Nobody likes life insurance, they don't like to pay for it and, they don't like to talk about it. They get nervous when they know an insurance agent is going to try to talk to them about it. Did you know there is so much more to life insurance than just providing a death benefit?
 To any consumers out there that are looking to purchase health insurance during this years “ACA Open Enrollment” be very careful about purchasing a Fixed Indemnity Plan vs. Major Medical coverage. Or being told that these plans are as good if not better then ACA Health Plans. Consumers who accidentally purchase this type of coverage may find themselves shocked by large hospital bills if they have a serious medical event.
 Don’t let these five misconceptions delay you from protecting your loved ones with life insurance.
 One instrument that can benefit retirement savers in a bear market is a “Fixed Indexed Annuity”. Not only do they offer principal protection and do well in down-market periods. Another nice feature of fixed index annuities is their growth potential. Your money can earn more interest than just the fixed interest rate you would receive with a traditional fixed annuity or CD.
An Indexed Annuity can be linked to an underlying financial benchmark, like the S&P 500 price index. Some companies recently have added another index for their customers called the Credit Suisse Index. Which is a conservative index based off of bonds and gold and other indices that do well during volatile times like we are in now. |
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