Thirty years ago Cancer Heart and Stroke Insurance didn’t exist. Most people just weren’t expected to survive many of the diseases that are survivable today, so they may be completely unfamiliar with these options or how they work.
With more people surviving these types of illness, more and more survivors of a major illness are facing financial difficulties because of them. It’s not just the lifesaving treatment that needs to be considered, but a number of possible financial hardships that may come out of the situation.
When people get sick they may soon realize that the expenses incurred due to lost work, continuing treatments and ancillary needs that weren’t considered, quickly become a mountain of debt.
Without trying to push the fear angle, it may be enough to simply review the statistics and help them realize the sobering fact that many people will need this coverage at some point in their life.
Let’s take a look at the statistics that support that need.
Heart Attack: Number one cause of death for men and women. 3
- Responsible for 1 out of every 4 deaths. 4
- Average age at first heart attack: 65-Male, 72-Females. 3
- One of the most expensive conditions treated in hospitals today. 3
Cancer: Second most common cause of death. 1
- 87% of all cancers are diagnosed in persons aged 50 or older. 1
- Every 2 minutes a child is diagnosed. 2
- 41% of men and 38% of women will be diagnosed in their lifetime. 1
Stroke: Third leading cause of death in women and fifth in men. 5
Survival Rates: Good News. Survival rates for all 3 illnesses are increasing.
- Leading cause of serious long-term disability. 3
- Among top 10 leading causes of death in children. 5
- Recovery is a lifelong process. 5
The potential costs related to cancer, heart attack and stroke.
Cancer, heart attack and stroke are among the top 5 causes of new and existing long term disability claims. 9
This is why it is imperative to have additional insurance so you don’t burn through your savings and 401K just to stay afloat and tackle the problem.
Out of pocket costs of cancer, heart attack or stroke.
The costs of the first 6 months from the start of treatment includes medical care health insurance won’t cover and miscellaneous expenses like lost wages, home-care, travel and lodging, etc.
Costs for surgeries and procedures are expensive enough, but when you begin adding in the cost of missing work, travel to and from specialized facilities, and lodging is where people can get themselves in a real bind that could possibly lead to excessive spending or bankruptcy, if not properly mitigated through insurance.
- A cancer survivor, on average will be responsible for about $15,868 10
How Can a Lump Sum Policy Help?
While Medicare, Medicare Supplement Plans or Medicaid may cover most of your direct hospital costs, the other costs can vary depending on your illness and your personal situation. That’s where a lump sum payment works so well.
A lump sum benefit is paid directly to you or someone you designate, regardless of other health insurance coverage. A lump sum payment is distributed when you are diagnosed and can be used to help pay for whatever you choose, whether it’s medical expenses, groceries, a mortgage, electric bill, etc.
It covers the gap left by other policies and quickly gives you 100% of the selected benefit. This provides the additional coverage needed to withstand the financial impact of diagnosis.
There is no one plan that can cover everything, but the right plans do exist to create the best coverage for an individual based on their needs. A Cancer, Heart Attack and Stroke policy can provide much needed coverage when illness expenses extend outside those directly related to the treatment.
People’s financial well-being doesn’t need to suffer because of the total cost involved with a major illness. Reviewing their needs, risks and options is the first step to helping them put together a complete insurance coverage plan.
The more wrap around policies/coverage you offer to your clients the more secure they can feel knowing they have a “Blanket” of protection to cover them, in case something unexpected occurs.