How critical illness insurance can work for you
Cancer. Heart disease. Stroke. These are words you don’t want to hear, but they’re all too common. Many people in the U.S. will be affected by critical illnesses such as these, whether they face a diagnose themselves or support a family member or friend through treatment. This is where critical illness insurance comes in.
What are your chances of developing a critical illness?
Consider the facts:
- HEART ATTACK: Every year, about 805,000 Americans have a heart attack.1
- STROKE: Every 40 seconds on average, someone in the U.S. has a stroke.2
- CANCER: About 1-in-3 Americans will be diagnosed with cancer at some point in their lifetime.3
- END-STAGE RENAL FAILURE: Nearly 125,000 people in the U.S. start treatment for end-stage renal failure each year.4
The impact of critical illness on your life
A critical illness diagnosis can take a physical, emotional and financial toll on your life. And unfortunately, many people aren’t financially prepared for the possibility of developing a critical illness. Only 39% of Americans have enough money to cover a $1,000 setback using their savings.5
Many families face medical debt. In fact, medical debt is the #1 source of personal bankruptcy filings in the U.S.6 Even Americans who have good individual or employer-provided health insurance can struggle to cover their medical expenses.
All Americans should have a financial plan in place to cover their health insurance premiums, out-of-pocket medical costs and common non-medical expenses.
A practical solution: critical illness insurance
Are you concerned about the health care costs you may face in your lifetime? Don’t be a victim of circumstances! Instead, seek out a solution that can help you maintain your standard of living if you’re one day diagnosed with a critical illness.
One such solution is critical illness insurance, which provides cash benefits that can help protect you from the unexpected costs of a critical illness. There are NO RESTRICTIONS on how you use your benefits, which means you can use them to help cover your deductibles, co-pays, non-covered treatments, bills and household expenses, and more.
How to buy supplemental insurance
Are you considering purchasing critical illness insurance? Benefits vary by insurance carrier, but here are some things you should look for in a policy:
Lump-sum benefits, paid when the insured person is diagnosed with a common catastrophic illness.
Indemnity benefits to offset the medical costs for hospital and ICU stays, chemotherapy, radiation and corrective or preventive surgery.
Transportation benefits to help the insured person afford to travel to and from a medical center for treatment. This benefit is especially important for residents in rural areas, who must travel—and pay for transportation and lodging—when receiving medical care.
Coverage for regular diagnostic tests, such as mammograms, Pap smears and colon screenings. This option makes it easier to afford preventive care and detect diseases when they’re easiest to treat.
Premium-return feature, also known as a “cash value” or “return of premium” rider. As the name implies, the benefit literally can return premiums to the policyholder if coverage is maintained for a certain period of time. It assures buyers that they’ll get premiums back if they don’t need the insurance coverage.
Discover how Washington National can work for you!
Interested in learning more about critical illness insurance? One of our agents is happy to help! Contact us here to get paired with a local Washington National agent.
1Centers for Disease Control, Heart Disease in the United States, December 2019. https://www.cdc.gov/heartdisease/facts.htm
2American Heart Association, Heart Disease and Stroke Statistics—2019 Update: A Report from the American Heart Association, 2019, p. e282.
3American Cancer Society, Cancer Facts & Figures 2019, 2019, p. 2.
4Centers for Disease Control and Prevention, Chronic Kidney Disease in the United States, 2019, https://www.cdc.gov/kidneydisease/publications-resources/2019-national-facts.html, 2019.
5Bankrate, Survey: Most Americans wouldn’t cover a $1k emergency with savings, https://www.bankrate.com/banking/savings/financial-security-january-2019/, January 16, 2019.
6CNBC, This is the real reason most Americans file for bankruptcy, https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html, 2019.
LIMITED-BENEFIT POLICIES. These policies have limitations and exclusions. For costs and complete details of coverage, contact your agent. Premiums based on the level of coverage selected. Subject to state availability. Underwritten by Washington National Insurance Company.