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Is Your Family Protected Against the “Cost of Being Ill?”

As the summer sun sets and the leaves begin to change, we enter a season of awareness. Pink ribbons are tied, mustaches sported and the color red is incorporated often, each a recognizable sign linked to an important cause.

As we focus our attention on the prevention and treatment of breast cancer, prostate cancer and heart disease, we need to ask ourselves: what else is impacted by this diagnosis or event?

Medical expense is the number one reason for bankruptcy in America. It is the reason for 11% of employees to draw a loan against their 401k. Is your family protected against the “cost of being ill?”

In the event that your employees suffer a critical illness, they will not have adequate protection under normal medical and disability insurance plans to cover their expenses, as suffering from a critical injury can be extremely expensive—especially during the recovery process. Some of the costs associated with critical injuries are not even covered on many plans.

Critical illness insurance can play an important role in strengthening your employees’ financial safety net.

With a growing market that has limited savings, your employees may have a large financial exposure in the event of a critical illness.

Beyond traditional medical costs, your employees and their families may also suffer financially because of the following:

  • Traveling expenses to go to treatment facilities
  • Lost wages from taking time off to care for a critically ill relative
  • Out-of-network treatment charges
  • Alternative treatment charges

Critical illness policies offer lump sum payments upon diagnosis or event of one of the six “dread” diseases: cancer, heart attack, stroke, Alzheimer’s, major organ failure, renal failure. We depend on our major medical insurance to cover the catastrophic, but what about the requirements of daily living? Even with disability coverage and savings, are you able to cover your monthly expenses? What about challenge of asking more from your friends and family? With lump sum coverage, you can breathe a little easier. You can access funds to pay the mortgage, purchase the airline ticket for your parents to come for extended periods, pay deductibles and copays for services. During a time of healing and recovery, the last thing you need is the added the stress of financial burden.

Critical illness policies are available in multiple increments and allow you to choose the best protection for your family. Policies are guaranteed issue and have limited exclusions or contingencies. If you would like to learn more about this income replacement tool for you and your employees, please contact us.

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2 Comments

  1. It would be great if this article was in a printable format. It is illegible when printing and that may be the only way I get time to read it and have something tangible for food for thought (and maybe implementation later), is if I print it for later consumption. Why would it turn into 9 pages for printing!

    1. Hi Jill - Thank you for your comment. We will look into a print-friendly solution. In the meantime, if you simply highlight the main article and right-click, you can select "Print" and it will print out the article for you to keep on file or refer back to later. Thanks!

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