Critical Illness Insurance

Thanks to advances in medicine, we have a better chance than ever of surviving a critical illness such as a stroke, a heart attack, or cancer. But any one of these conditions can be financially devastating.

Most health insurance plans cover the diagnosis and treatment of these serious illnesses, but leave the policyholder on the hook for co-payments, co-insurance, high deductibles, and any experimental treatments. And they won’t pay the rent or mortgage if the insured is out of work, or pay for transportation to a treatment center or to see an out-of-network physician.
Unfortunately, too many people find out too late about these gaps in coverage.

But that’s starting to change. The recession and slow economic recovery have renewed people’s interest in financial protection, and more consumers are buying critical illness insurance to help close the gaps in their healthcare coverage.

People might choose critical illness insurance as a gap filler for their high-deductible plan. Some people might look at the lump sum as a way to pay off their mortgage balance should they become seriously ill and want to avoid future financial stress.

The plans pay a lump sum of cash to the policyholder upon the diagnosis of certain covered conditions, including but not limited to cancer, stroke, or a heart attack. That lump sum can be used for any purpose, either related to treatment or to pursue quality of life interests.

Who is a good candidate for Critical Illness coverage?

The typical range of people buying critical illness is 35 to 55 years old, with the most frequent age being 44. Nevertheless, anyone is a good candidate for this “wrap around” coverage. With so many other medical policies leaving substantial gaps in terms of deductibles and co-payments, there is a great need for cash to fill that gap. This is precisely what a critical illness policy is designed to do. Families who save money through selecting a high deductible health plan are an excellent candidate for critical illness.

Assurity Life is a true leader in critical illness. Assurity has a simplified Critical Illness policy that has 12 covered conditions (benefits of $5,000 to $50,00) and a fully underwritten Critical Illness policy that has 21 covered conditions ($50,000 to $500,000 benefit). Assurity also has Term Life and Disability Income policies that include CI riders.

Who do you know (family? friend? co-worker?) who has been diagnosed with a critical illnesses in the last year?

Fortunately, AssurityBalance Critical Illness Insurance is available to you today! It’s the protection you need to keep a medical crisis from becoming a financial one.

Consider the difference that a cash payment of $25,000, $50,000 or $100,000 would have made to each person when their critical illness was diagnosed.

How would they have used the money?

  • Pay off their mortgage
  • Pay off debts (credit cards, autos, school loans, etc.)
  • Supplement their own lost income, or a spouse’s lost income while he or she was caring for them
  • Get medical treatment (even experimental) and cover travel costs that health insurance wouldn’t pay for
  • Take a leave of absence from work to recuperate, or a vacation to leave the stress of the illness behind

Did any of these people plan on being diagnosed with a critical illness?

It pays to plan ahead.

Case Study: Critical Illness Insurance Benefits Example

Christy’s Story

Christy Magorian of Nebraska, bought an AssurityBalance® Critical
Illness policy and received benefits just three years later, following the diagnosis
of a malignant brain tumor.“My grandfather and uncle both had experienced cardiac problems, so I thought
even though I was young, why not get this product which would cost me so
little? I was not expecting to have to use the policy at all, and if so, not for
many years.Little did I know that at the age of 25, I would be battling cancer. I
had just gotten married the year before, and I didn’t think that ‘in sickness and
health’ would be something we would face so soon.”

Christy was able to pay off all outstanding debt and take care of all hospital
bills, co-pays and medicines. She was also able to put some money aside in case
further treatment is needed.

For more information about the MetLife group critical illness plan, call 651-735-9874 or email