Probably the least known product in the medical health insurance market, might be the most important of all. Vital illness insurance is an indemnity item, that pays cash directly to a person in the event you have one of the specified ailments.
Over sixty percent of all bankruptcies in American are related to medical bills. The bills at least contribute to the bankruptcy. To be more specific, if you are self- employed or an independent contractor of some kind. If you do not work you do not get paid. If you have a heart attack, stroke or a life threatening cancer, sadly you most likely will not be going to work for a while. Your major medical insurance will cover all or the majority of your medical bills. What about your own other bills?
We pay the other bills with the income we all earn from our jobs. We generally cannot call the mortgage business and say, I had a critical illness and have been out of work for two a few months, can I skip by mortgage payment for a while.
Critical Illness, pays the specified amount of money, usually a minimum of $5, 000 and most companies have a more around $50, 000. You pick the total amount you think you need at the time of purchase.
When unfortunately, you are diagnosed with the illness, money is paid to you for whatever you need it for, monthly bills, cash flow, whatever the case may be.
This is the only insurance item that was not created by the insurance sector.
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It was created by a heart surgeon, called Dr . Bernard in South Africa. Doctor Bernard said in 1983, “If you die at age 30 compared to life insurance is more important, but if you obtain a critical illness at age 45 or 50, when you are at the height of your earning ability, and you have an operation plus survive to live another 20 years, than critical illness insurance was more important. Where workability decreases and the capability to provide for your financial needs reduces, I think the critical illness plan is much better. ”
Critical illness guidelines can now be purchased individually or several life insurance policies have it either added as a benefit or some really come with it. The life policies would certainly cost a little more, but have a great “living benefit” to come with it.