Critical Illness
More and more Americans are outliving cancer, stroke, heart disease and other critical illnesses. While we enjoy the benefits of modern medicine, surviving a critical illness places additional financial demands on a family. Disability helps to replace a paycheck, but what about the additional expenses that often accompany such major illness?
Why Critical Illness Insurance?
Health insurance can provide coverage for many of the costs associated with treating a critical illness like cancer or heart attack. But what about the other out of pocket costs that you incur when you or a loved one is battling a major illness and is unable to work?
There’s lost income — even if you have disability coverage, which only pays a portion of your regular earnings — along with co-pays, deductibles, family and living expenses, and even transportation costs to and from treatment. Many of these additional costs can contribute to the pressure you are already under at the worst possible time. Critical Illness Insurance can help to cover some of those gaps in your financial plan that you may not have even known existed.
Critical illness insurance provides a fixed, lump-sum benefit upon diagnosis of a critical illness, which can include heart attack, stroke, paralysis and more.
These benefits are paid directly to the insured and may be used for any reason, from deductibles and prescriptions to transportation and child care.
Common Misconceptions
But I already have health insurance.
Despite ongoing medical enhancements, incidence of critical illness in the US is pretty high. Each year about 800,000 people suffer a new or recurrent stroke. In 2009, 1.26 million people had a coronary attack and in 2010, 1.53 million new cases of cancer were expected to be diagnosed. Technology has dramatically improved the chances of survival for patients suffering a critical illness. Technology has dramatically improved the chances of survival for patients suffering a critical illness. However, with the possibility of surviving multiple critical illnesses or several incidents of the same illness in your lifetime, your financial plan for the future may be disrupted. With critical illness insurance, the lump sum benefit you receive at the diagnosis of a critical illness can help offset those expenses not covered or not entirely covered by other sources of income or insurance.
This is just another insurance that I will have and never use.
While you hope you’ll never need it, the statistics say there’s a good chance you or a loved one will need to fight a critical illness in your lifetime. You can purchase coverage for yourself, your spouse and your child(ren). In the event one of your loved ones suffers from a critical illness, your spouse is eligible to receive the same level of benefits as you, and your dependent child may receive a percentage of your benefit coverage amount. For Reliance Standard’s coverage, covered critical illnesses are divided into three categories: cancer, cardiovascular, and other. Each category has a 200% lifetime maximum.
I have been diagnosed with a critical illness before and would not be approved for this coverage.
This coverage may be medically underwritten; however, if your group meets our participation requirements, we can offer guaranteed issue amounts of coverage. That means you, your spouse and child(ren) are eligible to receive up to a predetermined amount of coverage without regard to medical evidence of insurability. We may also offer coverage for recurrent and subsequent incidences of critical illness. A recurrent incidence is one within the same category (ex. cardiovascular) and a subsequent incidence of critical illness is one in a different category (ex. cancer and cardiovascular). Your plan will include a pre-existing condition limitation, and you should understand that before buying this or any coverage.
That will never happen to me.
That is what we all hope. But increasingly, Americans are outliving their illnesses — and their nest eggs. According to the American Association for Critical Illness Insurance, some 1.4 million Americans were diagnosed with cancer last year, and an average of 2 in 3 are projected to live five years or longer following their diagnosis. Similarly, of the 1.5 million Americans who declared bankruptcy last year, 60% were due to medical bills. More than ¾ of those had health insurance.
More Details
Eligible to Enroll: All Active Dues Paying Members in good standing, except for any person working on a temporary or seasonal basis.
Monthly Premiums: Rates are available for review after registering. Select "Enroll Now" to begin the enrollment process.
Benefit Amount: Up to $30,000. All coverage is Guarantee Issue.
Spouse: Up to $30,000, not to exceed member amount.
Child(ren): 50% of approved member amount up to $15,000.
Marketplace Benefits
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Reliance Standard is a branding name. Reliance Standard Life Insurance Company (Home Office Schaumburg, IL) is licensed in all states (except New York), the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam. First Reliance Standard Life Insurance Company (Home Office New York, NY) is licensed in New York and Delaware. Standard Security Life Insurance Company of New York (Home Office New York, NY) is licensed in all states. Product features and availability may vary by state.
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