Friday, March 11, 2016

What You Need to Know About Critical Illness Insurance

You can get insurance at the Lake of the Ozarks for a variety of different things from home and auto insurance to health insurance. You probably already know the importance of life insurance, but what happens if the insured makes it through their illness? This situation is where critical illness coverage comes in. Let's take a look at what critical illness insurance is, what it covers and some reasons why you would need it:

What is Critical Illness Insurance? 

While it works similarly, critical illness insurance is not the same as life insurance. Critical illness coverage is an insurance product in which the insurer will pay out a lump sum cash benefit if the policyholder is diagnosed with a certain critical illness. This coverage was developed to help cover the expenses of critical illness. With technological advances and better education for doctors, more and more people are surviving these illnesses. In this case, life insurance does not help and the family is left to pay for all the medical expenses. 

What Does Critical Illness Insurance Cover? 

The three primary illnesses covered by critical illness insurance are: Cancer, Heart Attack & Stroke. Additionally, the following illnesses may also be covered by critical illness insurance:
  • Heart Transplant
  • Coronary Bypass Surgery
  • Angioplasty
  • Kidney (Renal) Failure
  • Major Organ Transplant
  • Paralysis

Why Would I Need Critical Illness Insurance? 

Critical illnesses are striking more Americans every year, and medical problems contribute to roughly 60% of bankruptcies. The financial consequences of surviving a critical illness are something very few people are prepared for. Your regular health insurance coverage isn't even going to put a dent in those medical bills; plus you still have to keep up with all your regular bills while you're recovering. Here are a few situations where the cash from critical illness insurance could keep your family out of a financial crisis:
  • To Cover High Health Insurance Deductibles 
  • To Pay for Medical Treatments Not Covered by Health Insurance
  • To Pay for Costly Prescriptions that aren't Fully Covered 
  • To Pay for Transportation To and From Treatments Not Available Locally 
  • To Pay for Experimental Treatments Not Covered by Health Insurance
  • To Pay for Mortgage Payments While You're Recovering 
  • To Pay for Other Bills such as Car Payment or Insurance Premiums
  • To Replace a Spouse's Income While Caring for the Recovering Spouse 

To discuss coverage that's right for your family and personal situation, call the best insurance agent at Lake of the Ozarks at 573-348-2794. At Insure the Lake, we have access to multiple providers allowing us to provide you the most comprehensive coverage at a competitive rate. We specialize in all types of insurance and serve the entire Lake area.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral