One of the
risks in carrying a high-deductible plan is that you will get sick and need
to come up with several thousand dollars. A critical illness can not only
cause you to incur medical bills, but you may also lose income or incur other
expenses related to the experience. That is why so many of our customers
add a Critical Illness policy to their high-deductible HSA plan.
This
plan works by automatically paying $10,000 to $100,000 (you choose the limit)
if you are diagnosed with any of the conditions below.
You
can then use this money however you choose, including for:
- Medical insurance copayments and deductibles
- Investment into a Health
Savings Account (HSA)
- Out-of-network charges on PPO plans
- Non-covered
experimental treatments and surgeries
- Cash for household bills, car
payments, and mortgages
- Lost income
Covered
Conditions
The
conditions below are payable one time only. 100% of the face amount is
payable if no other benefit listed below has been previously paid.
- Invasive
Cancer 100%
- Heart Attack
100%
- Stroke 100%
- End-Stage
Renal Failure 100%
- Major Organ
Transplant 100%
- Terminal
Illness 100%
- Advanced
Alzheimer’s Disease 100%
- Loss of Independent
Living 100%
- Loss of Limbs
100%
- Major Burns
100%
- Paralysis
100%
Get
a Quote and Apply Online
The
following conditions are also payable one time only, and pay the percentage
of the face value of your policy as listed below:
- Coronary
Bypass Surgery 25%
- Heart Valve
Replacement/Repair Surgery 25%
- Aortic Surgery
25%
- Angioplasty
10%
- Death from
any cause is a 100% benefit.
(Except suicide during the first two years.)
Financial
Security and Greater Peace of Mind
Recovery
from a critical illness, however, often is lengthy and expensive – often
involving the loss of personal wages and an ability to pay for care and treatment.
Many critical illness survivors experience financial hardship because of the
indirect costs associated with their illnesses. If you suffer a critical
illness, would you be able to handle the extra expenses associated with your
recovery?
Traditional
health insurance may not provide the coverage you need to survive a critical
illness and lead a normal life. In fact, the American Cancer Society estimates
that 66 percent of the cost of cancer treatment is not covered by traditional
health insurance, including such items as:
- Out-of-network
medical treatment
- Home
and/or automobile modifications (e.g., wheelchair ramps)
- Rehabilitation
- Insurance
co-payments and deductibles
- Home
health care
- Uncovered
or additional prescription drugs
- Travel
to receive special treatment
- Second
medical opinions
The
Colorado Bankers Lifestyle Protector Critical Illness coverage is designed to
pay you a lump sum, the percentage of your term life insurance death benefit
listed below if you are first ever diagnosed with one of the following covered
conditions2 on or after the 30th day coverage becomes effective:
- Invasive
Cancer 100%
- Heart Attack
100%
- Stroke 100%
- End-Stage
Renal Failure 100%
- Major Organ
Transplant 100%
- Terminal
Illness 100%
- Advanced
Alzheimer’s Disease 100%
- Loss of Independent
Living 100%
- Loss of Limbs
100%
- Major Burns
100%
- Paralysis
100%
DID
YOU KNOW?
Half
of all bankruptcies are due to critical illnesses. And of those bankruptcies,
75% had health insurance.
Half
of all home foreclosures are because of a critical illness.
Nearly
two-thirds of cancer-related costs are not medical.
Men
have a 1-in-2 lifetime risk of getting cancer. Women have a 1-in-3 lifetime
risk.
Every
40 seconds, someone in the United States has a stroke.
An
estimated 5.6 million American adults have had a stroke.
Officials
expect to diagnose more than 3,760 new cancer cases each day.
There
is also good news
For
those suffering a critical illness prior to age 65, the probability of surviving
is almost twice that of dying.
Between
1994 and 2004, the death rate declined approximately 31% for heart attacks and
almost 24% for strokes.
12.4
million people alive today have a history of heart attack, angina pectoris (chest
pains) or both.
4.5
million stroke survivors are alive today.
10.8
million people alive today have a history of cancer.
50
to 70 percent of stroke survivors regain functional independence.
88
percent of heart attack victims under the age of 65 are able to return to their
usual work.
Why
You Need Critical Illness Insurance?
While
advances in medical science have significantly improved your chances of surviving
a heart attack, cancer, stroke or other critical illness, the fact remains that
75% of healthy individuals over age 40 will become critically ill at some time
in the future.
On
the one hand, consider these statistics:
- Every
25 seconds, an American will suffer a coronary event, over 1.2 million this
year alone.
- On average,
an American suffers a stroke every 40 seconds, over 500,000 people a year.
- Men have
a one-in-two lifetime risk of developing some form of cancer. For women, the
risk is one in three.
- 50 percent
of men and 64 percent of women who died suddenly of coronary heart disease had
no previous symptoms of this disease.
Sources:
2009 Heart and Stroke Statistical Update, American Heart Association; 2009
Cancer Facts and Figures, American Cancer Society.
Fill
a Void in Your Financial Protection Plan
Health,
disability, life and accident insurance all offer important coverage for different
situations. Critical Illness Insurance, however, helps fill an important
gap:
- Health
insurance pays a portion of medical bills after deductibles and co-payments.
- Disability
insurance pays a portion of income after a three- or six-month waiting period
or the deductible period of the plan.
- Life insurance
pays a beneficiary upon the insured’s death.
- Accident
insurance pays a beneficiary upon the insured’s death when such death
is due to accidental bodily injury.
- Critical
Illness Insurance helps to fill the financial gaps not covered by traditional
disability, accident, health, and life insurance.
Get
a Quote and Apply Online
For
a quote, please contact your personal advisor, give us a call at 866-749-2039,
or click here to receive
your quote and apply online.
Coverage
Reduction and Termination
Termination
of the life insurance policy will terminate living benefits. This plan
ends when you reach age 70. See the policy for options available to convert
the life insurance coverage prior to age 65.
Critical
Illness Family Rider (Optional, not available in all states)
Spouse
Only option - Under this option, with the payment of the required premium
and approval by the home office, this rider provides $10,000 of 10-year level
term life insurance and critical illness coverage upon first diagnosis of life
threatening cancer, heart attack, stroke, renal failure, major organ transplant
and terminal illness. The rider is guaranteed renewable every 10 years
and terminates at your age 70 or your spouse’s age 70, whichever occurs
first. It is convertible to a $10,000 renewable and convertible term life
policy with the critical condition accelerated benefit rider without proof of
insurability based on the premium rates at his/her then attained age.
Spouse
and/or Child option - Under this option, Child coverage is also available.
All eligible children can be covered for $5,000 of 10-year level term life insurance
and critical illness coverage for the same covered conditions as the spouse.
Refer to the policy for spouse and child eligibility definitions. Under
either option, the total amount paid out for death benefits or covered critical
conditions will not exceed $10,000 on the insured spouse and $5,000 per insured
child. Benefits may vary by state.
Available in all states except Vermont, Connecticut, and New York.
