What has a more affordable premium than individual disability insurance, is perfect for spouses of high-wage earners, and allows the insured to receive a lump sum benefit to use as needed – no strings attached?
If you guessed Critical Illness, you're more enlightened than most. In the quest to offer a variety of clients asset protection, Critical Illness insurance is an important solution to have in your tool belt. It's a big differentiator too since many producers don't offer this valuable coverage.
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Below you'll find everything you need to know to serve clients better and build your income by adding Critical Illness to your product suite.
What is Critical Illness insurance?
Critical Illness insurance provides financial protection when a major illness occurs and a person is unable to work and earn an income.
This medical insurance helps cover medical expenses that are typically not covered by other insurance policies. Paid in lump sums, it gives clients the freedom to use the money where it is needed most – from medical bills to the mortgage.
This coverage comes into play as traditional health insurance leaves consumers with more and more gaps in their coverage.
As a result of high deductibles, coinsurance and limited coverage on nontraditional treatments, individuals may incur large medical bills that are not covered by their traditional insurance policy.