Posted September 13, 2012
Every 34 seconds someone has a heart attack in the United States. Fortunately due to advancements in medical technology, about 90 percent survive this traumatic experience.
A critical illness or accident never is expected or planned, but it is an experience that can affect the rest of your life. While many individuals have health insurance to cover major expenses, they may not be prepared financially for the deductibles, copayments and noncovered medical and nonmedical expenses they may incur. According to financial experts, each year approximately 1.5 million Americans declare bankruptcy, with 66 percent citing high medical bills and lost income as the cause of their money problems.
To prepare for life’s unexpected health experiences, you may want to consider purchasing critical illness insurance. This type of policy pays a specified amount of tax-free dollars when you become critically ill. While every policy is designed differently, most cover common serious illnesses, including cancer, organ transplants, kidney failure, major burns, multiple sclerosis, comas and heart attacks.
Many individuals purchasing critical illness insurance select policies providing benefits of $20,000 or less. For a $20,000 benefit plan, individuals typically pay a monthly premium of $20 or less. It is important to work with a trustworthy insurance representative to determine the plan design and coverage amount that best will meet your needs.