Insurance What serious diseases You should know

When we hear the word insurance, most of us tend to think of things like car or health insurance . The most likely critical illness insurance is not one of the types of insurance that comes to mind.

There is logic-often we do not want to think about the risks scarier health especially not life critical illness. Unfortunately, this tends to divert too often leaves us vulnerable and unprotected we should be diagnosed with a serious illness.

The reality is by the time we reach retirement age, one in four of us will be out of work due to illness or injury for more than we paid time off accumulated allows.

What counts as a serious illness?
The disease can happen to any of us at any time. They could be as simple as a common cold, or one of several serious diseases affecting Americans. The top three serious diseases:

• Cancer
• Heart attack
• Stroke

Other serious illnesses can include:

• Blindness
• MS
• organ transplants
• kidney failure
• Paralysis
• replacement heart valve

According to the American Association for Critical illness insurance, statistics show every year:

• Some 1.4 million Americans are diagnosed with cancer
• Every 40 seconds, someone in. United States has a stroke; . 0,000 people will experience their first race
• Every 34 seconds, an American will suffer a heart attack; 785,000 will have a new coronary attack
• 1.5 million Americans will declare bankruptcy this year. 60% are due to medical bills (up to 50% over six years).

These figures are alarming and that's why protecting your income with disability and / or critical illness insurance is so important. Naturally, when we are familiar with certain types of insurance, many questions come to mind:

• Why do I need a critical insurance
• If I already have insurance -invalidité should I get critical illness insurance as? good?
• Which is the best option?

Differences between critical illness insurance and disability insurance
critical illness insurance pays you a cash lump sum if you are diagnosed with a serious illness covered by your policy, even if you make a full recovery. Disability insurance, on the other hand pays you a regular payment when you are sick or injured and can not work. It protects your income from the very real possibility you will become disabled for a period of time during your career, whether due to injury or illness.

There are several differences between critical illness and disability insurance.
income protection: critical illness insurance is designed to provide a source of income to pay your medical expenses if you are diagnosed with a serious illness, while disability insurance is intended to pay part of your income in the If you can not work

payment Frequency :. critical illness insurance generally provides a lump sum payment as specified in the policy as disability insurance pays you a monthly benefit, usually a percentage of what you earned before becoming disabled

Qualification benefits :. critical illness benefits depend upon the diagnosis of a policy of listed diseases, while disability insurance benefits depend on your inability to work.

tax implications: serious diseases gives you free lump sum tax payment in cash, while the disability coverage is calculated as a percentage of your income after tax and is paid for a certain quantity of. time

requirement of proof of loss: critical illness insurance generally does not require proof of a permanent loss of income, and is not affected by other income you do while disability insurance requires permanent proof of loss of income. The disability insurance payments may stop when you go back to work and start earning an income.

What political criticism of the disease is right for you?
Each policy serious illness has specific terms and conditions, which must be examined very carefully. Make sure you understand what types of diseases are considered critical and will qualify for payment.

If your diagnosed disease is not on the list of policies, your application may be denied by the insurance company. Also, be aware of the survival period of your policy. critical illness policies usually have a survival period or waiting period, this is a period of time that indicates how long you should wait after you have received your medical diagnostics to collect the lump sum of the company 'insurance. This period can vary from one policy to another.

sure to ask all your questions before buying a critical illness policy. This is where an insurance agent can be a valuable resource. They can help you understand the language in your policy, explain the specific terms and conditions, and guide your decision about which critical insurance policy is right for you.

This post originally appeared on the Council for blog outreach to people with disabilities http://blog.disabilitycanhappen.org.