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Ohio Critical Illness Insurance Policies
Posted On Saturday, May 29th, 2010 By marksbury
No one likes to consider of what their life were to be like if they were diagnosed with a serious illness such as cancer or any other serious illness, but with advancements of technology in medicine the odds of surviving a serious illness are pretty good. But during your treatment period you can suffer serious financial hardship from missing work that could cause you to lose everything you own. Wouldn’t it be great if there were a way to pay for your bills so you could focus on recovery, well now there is just keep reading to see the benefits of a Critical illness Insurance Policy.
This is one of the newest products available today in the insurance industry. A critical illness insurance policy is an accelerated life insurance policy in which if you are diagnosed with any critical illness such as Cancer, Stroke, Heart Attack and a whole list of other conditions you would be issued a check for the benefit amount purchased. You can use the money to cover your medical insurance deductibles and co-pays, pay for experimental procedures not covered by medical insurance, provide you and your family cash for household bills, car payments and mortgage payments. Help to supplement lost income from time lost at work or just take a vacation for recovery. As you can see you can use the benefit any way you see fit.
So for example, if you would be diagnosed with cancer by your doctor and you had a policy in force of $100,000 then immediately after the diagnosis was complete you would recieve a check for $100,000 with no strings attached. Differrent conditions have different payout for example if however you were to be placed in a nursing home the benefit amount would only be 75% in which you would then recieve a benefit amount of $75,000 paid to you after placement in the nursing home. Different conditions pay different amounts but most pay 100%, which are Cancer, Heart attack, Stroke, Bypass surgery, Kidney Failure, Major Organ Trans Plant, Coma, Paralysis and Blindness all pay 100% under most carriers plans. other conditions at a reduced benefit are Nursing Home Confinement, Benign Brain Tumor, Alzheimer’s Disease, HIV Infection from Blood Transfusion, Parkinson’s Disease, Aorta Graft Surgery, Heart Valve Replacement and Coronary Angioplasty.
Recieving this money is very important to pay bills and for day to day living expenses. Over 60% of bankruptcies are caused by a sickness in the family and this would help to protect you from such a situation. With this coverage you would be protected from potential financial ruin while you are trying to recover from your illness. Look at like an investment in your future and not just another insurance policy.
In addition to the coverage you can purchase a few riders to it to enhance its benefits for you. One of the best riders is the return of premium rider, in which at the end of the policy term you would receive back all premium paid into the policy in one lump sum providing that you never make a claim. Another nice rider is the waiver of premium which makes your payments for you if you are ever disabled. You can also add a accidental death rider to the policy which would then make it double as a life insurance policy if you ever were to die accidentally.
So if you are thinking of purchasing some more life insurance protection you really should consider a Critical Illness plan, it would be a very wise investment for you and your families protection.
Get Your Critical Illness Insurance Quote Now!!!