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Critical Illness Insurance: The Critical Truth


Good morning,

I hope all is going well in your world. I wanted to go over a policy that may be beneficial to people of all ages. This is a Critical Illness policy, which is also known as a Cancer, Heart, & Stroke policy. For sake of brevity, we will call it CI going forward.

Most people I talk to about these plans feel they do not need a CI because they have insurance or Medicare and it will cover the ailment. Let’s take a look at how you would benefit from a CI plan.

Depending on your coverage, your traditional Health Insurance will cover any CI related illnesses after your deductible has been met and your maximum out of pocket has been met. Let’s say you have a $2000.00 deductible and your maximum out of pocket is $5000.00. You will have to pay the first $2000.00 of coverage. After you hit your deductible you will owe $5000.00 of the next $25000.00. You will owe $7000.00 of the first $25000.00 in costs. Do you have $7000.00 to spend right now? A CI plan will provide a lump sum of money paid directly to you.

I am not trying to scare anyone with this next part, I am merely telling you my story. I had a minor Heart “issue” back in June of 2016. After many years of not caring about my health and living like a slob, it finally caught up with me. I went into the emergency room thinking it was no big deal, but deep down inside I was scared. I had the symptoms for a week and had great insurance. I put it off for a week because of work, and I worried about the costs. Well, I finally realized it was not getting any better so I drug myself into the emergency room. Here is the bad part aside from the “issue”- the doctor told me I was having a Heart Attack and I was going to be there for a couple of days. When he left the room and I sat there, of the first ten things that went through my mind 7 of them were how much this was going to cost me.

Ask yourself, if you were in that situation where the following would the following questions fall in your top ten list?