Due to mounting health care costs and the impact upon health insurance premiums, some people are seeking high deductible health insurance plans to lower their premiums. They have found that this solution can create monetary holes in their primary major medical plan, but when they plan for this gap, they can achieve security and value for the premium dollar they spend.
Critical Illness insurance is one of the solutions to this gap because upon diagnosis or surgery for a covered condition, it pays a lump sum benefit directly to you tax free1.
You choose a lifetime benefit maximum from $10,000 to $50,000 to cover some of the added expenses associated with the diagnosis of a major condition such as cancer, heart attack, stroke, major organ transplant or End Stage Renal Failure.
Some of the examples of how these cash benefits are used are:
Deductibles, co-payments, other shared costs; travel to Centers of Excellence and lodging expenses; out-of-network specialists; housekeeping needs; home health care needs; experimental drugs and treatments; home or auto modifications.
Or, some examples of how this cash benefit can assist with daily living expenses to help maintain quality of life for you and your family are replacing your paycheck; mortgage payments; keeping your business going; college tuition payments, etc. There is a Return of Premium Benefit associated with this plan. If you die while this coverage is in force, the premiums paid, less any benefits paid or due will be returned, up to the Lifetime Maximum Benefit Amount and the premium is set2.
This insurance pays in addition to any other insurance and by paying the premiums as they come due, this coverage is Guaranteed Renewable for life. Furthermore, the rates will not increase on an individual basis or due to age and the benefits do not reduce at any age.
Consult your tax advisor to confirm this benefit applies to you.
The rates can only be changed if changed for all certificates of this type in Arizona and then only on a renewal date.
H. Scott Zee & Associates offers free, comparative quotes from multiple insurance carriers so you can get the best possible rate.
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