Insurance World

In the time it takes you to read this sentence, the bills from a critical illness may have forced yet another American to file for bankruptcy. It could be as a result of their own illness or a loved one’s, but the result’s the same: Half of all bankruptcies are due to serious illness, according to a recent Harvard study, and-of those-75 percent were forced to file despite having health insurance.

One new option consumers have to help cover all expenses associated with critical illness is called, appropriately, Critical Illness Insurance. This specialized insurance provides a lump-sum payment should a subscriber suffer from certain specific critical conditions.

Right now, one of the few companies offering such insurance is Stonebridge Life Insurance Company. However, experts say that as Americans continue to survive critical ailments that were fatal only a few years ago, the need for the insurance is increasing. Stonebridge Life Insurance Company gives policyholders a one-time payment of up to $50,000 as soon as they’re diagnosed with a covered cancer, stroke, paralysis or a heart attack. The payment is intended to help people meet basic expenses, such as mortgage payments, car insurance, groceries, child care-even ballet lessons.

“Many people aren’t aware of the financial consequences of surviving a critical illness, especially if they’re unable to work for an extended period of time while they recover,” said Marlene Jupiter, author and expert on personal finance. “Now that medical progress and early detection are helping more people live through serious illnesses, people need to plan for how they’re going to financially survive the aftermath.”

For monthly premiums as low as $20, Critical Illness Insurance from Stonebridge Life is a direct-to-consumer product offering lump-sum payment options of $10,000, $20,000, $30,000 and $50,000. As an added benefit, the plan offers a return of premium option. Customers who sign up before the age of 50 and select this option may receive their paid premiums in full if they don’t make a claim before age 65.

“There is an increasing need for critical illness insurance because it helps close the gap that exists between health and disability plans, making sure that survivors are financially supported throughout their recovery process,” explained Lew Whalen, vice president of Stonebridge.

Long term insurance policy is nothing but total protection for you and members of your family. It is the best thing that can happen to you in a worst situation. For example, what is the impact of a serious illness? It physically harms you. More than that, it mentally harms you. Your expenses mount.

A good insurance policy is like your best friend in need. Yes, there are really some good policies that take care of all your expenses including payment of rent, house mortgage installments, groceries, telephone, electricity bills, car installments and practically everything that forms part of the monthly budget including the school fees of your children. Your over the year, hard earned savings remain intact. You can spend it for the purpose for which you saved.

Before deciding upon the long term disability insurance policy, give a cool thinking to all the factors- the to-do and the to-be factors. What is the extent of coverage, under your present insurance set up? Evaluate all the benefits that you are likely to receive from your employer. What benefits you will get from the workmen’s compensation provisions? What about the provision of paid sick leave? What about your short term insurance policy?

Take all the above mentioned factors into consideration. Take into account all the sources of your income such as your spouse’s income, your emergency savings, interest income your investments in shares and debentures and possible income from disposing off the property. If the sum total of the above is insufficient for any untoward turn in your life, then go for a well-thought out plan of long terms disability insurance.

Only after this exercise, initiate the process of examining the various options available to you under the long term disability insurance. Every additional benefit means payment of extra premium. There is no clear cut plans. You have to decide what suits you. For that, call for online quotations from a reputed broker. After giving them a careful consideration, form your questions and seek clarifications.

When you have decided about the details, short-list the companies that you purport to deal with. Reputation of the companies to settle the claims and standing of the company are the two main factors to be considered. Apply, safety first rule for your ultimate benefit.