Vital Illness Insurance coverage pays living added benefits… in one particular-lump sum… to an person upon diagnosis of a heart attack, cancer, stroke, kidney failure, terminal illness, the want for an organ transplant, and so on. The important is that payment is triggered by diagnosis. Rewards are not tied to any reimbursement of expenditures, like overall health insurance coverage, and you can use the cash in any way you decide on… to replace lost earnings, spend for experimental therapy, spend off individual debts, which includes mortgages and other ongoing expenditures.
There are NO LIMITATIONS on how the cash is to be made use of! The vast majority of Americans have by no means heard of Vital Illness Insurance coverage simply because most insurance coverage agents have not either! Most agents nonetheless choose to sell mortgage life insurance coverage and but, according to HUD… only three% of mortgage foreclosures are the outcome of death and 48% are the outcome of a extreme monetary hardship brought on by a significant illness! A current study carried out by Harvard University identified that 50% of the bankruptcies in America had been the outcome of a health-related emergency… and that more than 75% of these people had overall health insurance coverage at the onset!
You see, you can have the greatest overall health insurance coverage coverage in America and nonetheless get wiped out, simply because overall health insurance coverage is created to cover health-related expenditures only. It is not going to spend the mortgage or rent, college tuition, car or truck payments, utility bills or get meals for the loved ones. It will not spend your overall health or life insurance coverage premiums (you improved not let these policies lapse when you are critically ill).
This is exactly where the massive strength of a Vital Illness policy lies… as a supply for substantially required funds in a time of health-related emergency. Mark Goldstein is president of The Producers Alliance, a national independent insurance coverage advertising and marketing organization. His specialty is recruiting, education, and building best making independent overall health and life agents.