Your family is important for you… and you are important for you family
Is Critical Care insurance important?
Having been self employed for over the last 20 years it has always amazed me how I look at insurance coverage differently than most W2 employees. I once brought up the topic of Critical Care Insurance and my friend was basically convinced it was part of his benefit package. He had no idea what was even in his benefit package or what was covered. I could have the same conversation with a 100 other employed individuals and I do not think the results would be much different. Many employed individuals just do not understand the insurance coverage that have.
If I talk to self employed individuals about insurance items like critical care insurance etc. In almost 100% of the time they know exactly what coverage they have. Are often times worried about coverage they do not have. Self Employed individuals need to have a variety of insurance coverage like Health & Life, but I want to focus on Critical care insurance today.
What is critical care insurance?
Critical Care Insurance complements your medical and disability income coverage, and can ease the financial impact of a critical illness by providing a lump-sum benefit to help you pay some of your additional expenses.
Thanks to advancements in modern medicine, chances of recovery from a critical illness like a heart attack, cancer, or stroke have greatly improved.1
Although most medical plans provide coverage for hospital and medical expenses arising from critical illnesses, there are still many expenses that are not covered, such as medical co-pays, transportation to treatment centers, childcare, and more-could your nest egg withstand the potential financial impact of a critical illness?
Critical Care Insurance policies feature:
- A lump-sum benefit payment to use as you see fit
- Dependent coverage for your spouse/domestic partner and children2
- Convenient payment options
- No obligation to submit expense receipts
- Coverage that can go with you if you leave your employer
Critical Care Insurance complements your medical and disability income coverage. It can ease the potential financial impact of certain critical illnesses by helping you pay for some of the expenses associated with a covered condition.
Why is Critical Insurance Care important for Self Employed?
Unlike some who is an employee who might still get paid if they were in the hospital for a couple weeks or more. For most self employed individuals the minute they miss a day of work they stop getting paid. Imagine trying to run a business while going through cancer treatments. Essentially Critical care is an income replacement program.
Lets take a look at two programs
Five ways critical care insurance can cover you and your family
- PROVIDES A LUMP-SUM CASH BENEFIT… that can be used any way you choose.
- GUARANTEED RENEWABLE: As long as your premiums are paid, your right to renew this policy is guaranteed until payment of benefits.*
- PROVIDES BENEFITS FOR TODAY’S MOST CRITICAL CONDITIONS.
- BENEFITS PAID DIRECTLY TO YOU: This policy pays in addition to all other insurance.
- PERSONALIZED COVERAGE: A choice of different benefit levels to meet your specific needs.
Protection Through Early Detection
Why Does This Policy Deserve Your Consideration?
Are there other options for income replacement vs Critical Care Insurance?
- Build a large enough emergency fund
- Health Saving Account
- Cash Value Life Insurance policy
- Term Life Insurance policy with Living benefits
Any of the four options above could potentially mitigate having to have a critical care policy.
How much does it cost?
I am 49 so If I bought a basic policy today the cost would be $39.00 / month
My 4 pillars of insurance for self employed
- Health insurance
- Life Insurance
- Critical Care Insurance
- Emergency Funds (not insurance, but extremely important)