shutterstock_297132446There is a great deal of focus on voluntary benefits, but there may be confusion on what benefits are needed. There is an interest in covering healthcare events not covered by the higher deductible health care policies. One policy everyone should consider is Critical Illness.
Did you know sales of critical illness policies are up 72%? People understand this is a policy they need. Why? A critical illness is a life-changing event, not just for the patient, but the entire family. The patient will be out of work for weeks, maybe months. Some medical care will not be covered by insurance. Out of network and non-covered treatments can be cost prohibitive. Imagine what it must be like to make these decisions for yourself or a family member. The family Income is likely reduced by 35-50%. That’s if short term disability is in place. Fewer people have a savings safety net these days. Ask your client how much money they would need to cover three months of expenses. They need another option.
` Approximately 50% of bankruptcies are due to a critical illness. Of those 75% had health insurance. Many of your clients will need to choose between life-saving care and affordability. Critical Illness policies provide a lump sum payment to help with expenses at this stressful time. Many policies also offer a mortgage payment rider and a concierge service. The concierge will help guide your client to an appropriate course of treatment and help optimize outcomes.
I’m sure some clients will say “ I’m healthy. I don’t need critical illness insurance”. Here’s another interesting fact. 75% of people over 40 will have a critical illness at some point in their life. We all want to be well and get well. None of us want to lose a family member to a critical illness. Thankfully we live in a time when life-saving medical treatment is available. A Critical Illness policy can help pay for the best treatment.