3 Ways You Can Be Prepared in the Event of Cancer, Heart Attack or Stroke
Modern medicine has become almost something of science fiction. The cures we enjoy today for major and critical illness were things of dreams just 30, 20 and 10 years ago, in some cases. Cancer is no longer a guaranteed death sentence, and stroke survivors are living more productive lives. People are living longer regardless of critical illness.
A good example is the contrast in deaths between the Vietnam War and both the Afghan and Iraqi Wars. In Vietnam, America lost 58,220 soldiers, Marines, airmen and sailors. Contrast that with two wars combined, Afghanistan and Iraq, with the total dead being 6,951 – approximately 12% of Vietnam. While trying to equate the sacrifices of our brave military who are intentionally in harms way with cancer, stroke, heart attacks or any other chronic illness is not a fair comparison, the reality is that medical advances are mind blowing compared to the end of the last century.
The Financial Cost of Critical Illness
However, one thing doesn’t change, the financial cost. With medical advances comes expensive procedures and medicines. Moreover, the loss of income. If one isn’t well prepared to weather the time to recover, which can take months to years before one can start living normally again, it can devastate a family’s finances.
According to Cancer Facts & Figures (2019), 1 in 3 men and women will get some form of cancer. According to the American Heart Association, Heart Disease and Stroke Statistics (2019), every 40 seconds an American will have either a heart attack or stroke.
From the time chemo starts until a person can live actively again could be over a year. According to Mayo Clinic, a stroke survivor can see rapid improvement in weeks to months, but best case scenario when someone can start living as normally as possible is 12 to 18 months or longer, depending on rehab team and how soon one got started. In the meantime, how do you absorb the cost of living, medical and non-medical expenses without an income?
Something to Consider
Let’s say you want to save $50,000 in the event you have a catastrophic incident, but all you can afford to save is $100 a month. It would take 41 ½ years to do so, with no interest. If you could earn 3% interest, to stay with inflation, it would take you 27 years.
If you were to have a stroke, heart attack or get cancer before those 27 or 41 years, it could devastate you.
But let’s imagine you had a friend who could give you $50,000 if you needed it. Let’s say he or she told you, “I’ll tell you what. If you give me $100 a month, if you get sick, regardless of when it happens, I promise I will give you $50,000.” Would you do it?
Let’s take it one step further. He or she tells you, “And if you die before you get sick (heart attack, car accident, etc.), I will give your family back the money you gave me, since I didn’t have to give you $50,000, and I’ll put it in writing.” Would you do it then?
That’s what critical illness, cancer or heart attack and stroke insurance does for you.
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Critical Illness, Cancer or Heart Attack/Stroke Insurance
Critical illness insurance is designed as living insurance (you don’t have to die to get paid). It was created to provide you with the money you need in the event of critical illness, so you can replace your income while being treated and getting well.
The way it works is there are three different policies you can choose from:
- Critical illness (which covers all the major ones like cancer, heart attack, stroke, Alzheimer’s, major organ transplant, blindness, paralysis, deafness and kidney failure)
- Cancer policy (which covers internal cancer or a malignant melanoma, plus it has an optional heart attack and stroke rider)
- Heart Attack/Stroke Insurance (which also has an optional cancer rider)
If you are more concerned with cancer or a heart attack or stroke, the narrowness of the policy makes it more affordable. If you are worried about both, for an additional fee, it will cover all three. However, if you want total protection, then the critical illness policy is the best choice.
You choose the amount of coverage you want, from $10,000 to $100,000, and whether you want it as Term or lifetime coverage. Term is less expensive because it can expire.
Then, if you are diagnosed with any of the covered illnesses, all you require is a written diagnosis sent to the insurance company by your doctor, and they pay you lump-sum the face value of your policy. This money is paid directly to you, not your doctor or medical facility, for you to use as you see fit. Oh, one more thing. If you are blessed with good health, when you die, since the policy was not used, 100% of your premiums are returned to your beneficiary.
So, have peace of mind and know you are protected. After all, you being protected means your loved ones and family are protected. Find out more about Critical Illness, Cancer or Heart Attack/Stroke insurance. Having the numbers require no obligation, but having options is priceless (don’t tell MasterCard).
