March 16th, 2021
As you probably know, health insurance costs are always rising. Many plans are offered with such high deductibles that when something does happen the insured will end up paying thousands of dollars out of their own pockets. Did you know that 44% of adults have skipped some kind of healthcare due to the cost, according to a survey in 2018?
There are many other examples as to why you should be offering critical illness coverage to your clients. You might be asking “What is critical illness insurance?” In simple terms, a critical illness policy will pay your client
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a benefit, usually a lump-sum payout, who experience a covered condition or disease. Plans vary but beneficiaries may receive anywhere from a few thousand dollars up to $100,000 or more. Bonus, the benefit is paid directly to your clients.
Agents have experienced it is sometimes easier for clients to have a conversation about critical illness than it is for them to talk about life insurance. The reason, most people know someone who’s been affected by a heart attack, stroke, or cancer. It hits close to home. As an insurance agent or advisor, you already have an existing book of business you can determine if you can help your clients with critical illness coverage. You can start by reviewing your clients that may fit one of these situations: (1) A client with a high-risk job that may disqualify them from being offered any disability
coverage, (2) Individuals with a high-deductible health insurance plan, or (3) Business owners/self-employed clients that are often underinsured.
One of the ways to start the conversation is simply to ask if they have had any family members or friends who have had cancer or suffered from a heart attack or stroke. You will be surprised how many people have encountered someone that had this happen. Critical illness coverage would provide your clients the money necessary, in the case of a serious illness, to cover costs and ease financial worries. Many policies are affordable for many families, depending upon income, other insurance, and personal circumstances. Many families can fit the premium payments into their budgets without a change in lifestyle. Do your clients a favor and bring up the conversation regarding critical illness and help them be protected. Please let me know if you would like to learn more about the options available for critical illness coverage for your clients.
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