With every passing year, it becomes clearer that critical illness coverage is a staple of responsible financial planning. By the year 2015, experts believe that roughly 32 million Americans will have added this insurance to their financial planning. As critical illness insurance grows in popularity, it also helps ensure that most people are able to keep track of their finances while in treatment for serious illnesses.
There have been multiple recent statistics that show the need for critical illness insurance that will be able to fill the gap that is left between health and life insurance.
ü Over 1.4 million Americans will have a heart attack this year. Over 80% of these individuals are under the age of 65 and will have to go back to work after recovering
ü Every 40 seconds someone in the United States has a stroke, and 1-out-of-4 that are afflicted are under the age of 65
ü ½ of men have some kind of cancer during their lifetime, for women the number dips to 1/3
Consider the idea that 2/3 of all United States bankruptcies are related to the medical expenses. This makes it even more clean that a good financial move would be to gain critical illness insurance.
It is true that a healthy lifestyle can help reduce serious illness risk; however there are other factors, including heredity and environment- this means that some of these conditions are impossible to avoid completely. Fortunately, most of these policies cover a number of conditions- much more than at their inception. The ‘big three' as they are commonly called- heart attack, stroke, and some cancers-are generally included in plans, but these have also been extended to cover anything from paralysis to Alzheimer's or Parkinson's. Considering that most diseases hit earlier than was once thought, some illnesses can happen no matter what age you are, and most conditions do not fall under the umbrella of health and life insurance.
Critical illness insurance has been around for many decades; however its popularity in the United States is a recent trend. Mostly, this is due to many Americans not having enough coverage or not being able to afford traditional insurance. There has also been a growing anxiety as research has started uncovering staggering statistics on illnesses that we did not previously know, and many Americans are now seeing the impact of critical illnesses.
Critical illness insurance offers a tax-free lump sum, which allows those covered to be financially covered during the time of their treatment and recovery. While everyone has different needs, many advisors suggest that policy holders buy a policy that can replace either one years' income or two years of mortgage payments. While cost and eligibility can differ based on age and medical history, the majority of people are able to be covered on some level.
Luckily, policies, as well as providers, are continuously changing. This can lead to the assumption that many who wants to buy coverage will be able to find a provider that can work with them in order to completely meet their needs. When critical illness insurance is bought in conjunction with the backbone of a good health insurance policy, policy holders should feel secure that if they become critically ill, they will not have to worry about finances. To learn more about critical illness insurance, please visit the Critical Illness Planning blog at http://www.criticalillnessplanning.com/anxieties-growing-insurance-popularity/.