Of course, we would all like to think that we are immune from becoming critically ill. These feelings lead to many common misconceptions regarding Critical Illness insurance; however, it is important to disassociate the myth from the reality.
Myth #1: “I am as healthy as a horse. It is unlikely that I will get a critical illness in my lifetime.”
True, that would be ideal; however, the statistics show that, in the United States alone, 1 in 3 individuals will contract some form of cancer. The same proportion of men is likely to suffer from a stroke or develop heart disease before the age of 60!
What makes your current health status ideal is that you are eligible for this type of insurance. Do you know when most people want to purchase Critical Illness insurance? When they can’t get it . . .
Myth #2: “I have health insurance through my employer. This medical coverage will take care of me.”
It is true that your medical insurance will pay a portion of your bills; however, the rise in medical costs and increasing deductibles may not fully cover you. Twenty percent of insured Americans, today, struggle to pay their medical bills; will you have the funds available to pay the gap between your medical bills and current healthcare coverage?
Critical Illness insurance is not meant to replace your current medical plan. By supplementing your current healthcare coverage, a critical illness policy can not only assist you in bridging the gap, but provide you with money to pay the additional out-of-pocket expenses associated with a critical illness.
In a previous article, Do You Have a Healthy Heart, we told the story of Tara, a PFP | Family Security Plan® policyholder and single mother, who unexpectedly had a heart attack at the age of 33, just weeks after giving birth to her son. Can you imagine? Weeks spent in the ICU, emergency surgery, and a new baby at home. Between childcare costs, loss of wages, the expense of seeing out-of-network specialists and the gap between her health insurance coverage and soaring medical bills, Tara would have found herself in a grave financial situation. Thankfully, she had taken out a Critical Illness insurance policy when she was in excellent health. The lump sum of money she received not only covered these expenses, but gave her the time to recover and reunite with her son, worry-free!
Myth #3: “After I recover, I plan on returning to work. The financial impact on me and my family will be temporary.”
It has been estimated that the average hospital stay is $11,000, a heart transplant can exceed $250,000, and the estimated costs of a mild stroke in an older adult is $100,000 and up to $500,000 for the average young adult, depending on severity.
Given that many Americans live paycheck to paycheck with 46% of full-time employees having $5,000 in savings and 28% having under $500, there is a high-probability that the debt incurred from a critical illness will have a long-lasting impact.
The cash benefit of a Critical Illness Insurance policy will help you and your family recover both physically and financially.
We are here for you!
You are worth protecting! Let PFP | The Family Security Plan® help protect you and your family. Our Critical Illness Insurance policy provides a lump sum cash benefit paid directly to you upon the first diagnosis of a covered critical illness. Upon diagnosis, we send a check directly to you. You can use your cash benefit however you choose. To help with everyday living expenses, pay out-of-pocket medical costs or replace lost income. Your benefit is paid in full regardless of any other insurance you may have.
For more information on Critical Illness Insurance, click here to visit us online or call 855-789-4976 to speak with a dedicated PFP | The Family Security Plan® Representative.
Written By: Amanda Keefe