Today you are likely to survive a significant illness, but would your finances? Half of all bankruptcies in America stem from high medical expenses.
As a health insurance agent, it is important to provide information on all types of health insurance products to help protect against the unexpected.
When your clients get sick, they need to focus their energy on getting well, not on dealing with financial crisis.
A Critical Illness policy covers expenses related to a critical illness that are not covered by health insurance.
Expenses like: o Mortgage Payments and Daily Living Costs o Coinsurance & Deductibles o Travel & Lodging The Critical Illness benefit is paid as a lump-sum directly to your client.
Most policies are based on a 10-year or 20-year term life insurance policy with an Accelerated Benefit Rider, Critical Illness Insurance provides a lump-sum cash payment up to 100% of your client's life insurance benefit in the event he or she is diagnosed with a covered critical illness.
Most policies include the following: o Benefit options from $10,000 to $100,000 o No Medical Exams (simplified underwriting) o A death benefit is paid if a critical illness does not occur.
Critical Illness that are usually covered are: o Cancer o Heart Attack o Stroke o Advanced Alzheimer's Disease o ALS (Amyotrophic Lateral Sclerosis or Lou Gehrig's Disease) o Kidney Failure (End-Stage Renal Disease) o Terminal Illness o Major Organ Transplant Surgery o Occupational HIV Infection o Paralysis o Blindness o Severe Burns Guaranteed Issue Health Insurance As a health insurance agent, it can be difficult to get clients through underwriting if they have a pre-existing condition.
Sometimes guaranteed issue plans may be a good match for this type of client.
A guaranteed issue policy is usually an indemnity plan that pays first dollar coverage.
This means that there is no deductible and the premiums are usually cheaper than major medical insurance.
A guaranteed issue policy pays a specific amount of money per medical treatment, so your client is responsible for whatever is not covered.
It is very important that your clients understand that this type of policy is usually not major medical insurance.
Although, some guaranteed issue policies will provide a PPO plan as well as generic prescription drug plans.
Guaranteed issue plans are sometimes referred as mini-medi plans and often offer indemnity benefits for doctor's visits, hospital confinement, emergency room treatment and generic prescription drugs.