CRITICAL ILLNESS
(Survivor Insurance)
Over the last two years I have religiously attended every Critical Illness Insurance seminar the industry has put on. I will not sell anything I do not fully understand, nor do I wish to sell something today that I might regret selling tomorrow. Even a morning with heart surgeon Dr. Marius Barnard, brother of Dr. Christiaan Barnard & co-designer of this plan, didn't totally convince me. I had to hear it from my clients and from others who might possibly benefit from having this type of insurance. I am pleased to say that I am now entirely convinced of its benefit to the public.
Two points to consider about Critical Illness Insurance are these:
- Unlike life insurance, the pay out is not contingent upon your death. Should you die though, all the money you paid into the plan will be returned to your family.
- Also unlike disability insurance or income replacement insurance, it pays-out a lump sum regardless of whether your ability to earn an income has been affected or not.
In regards to my belief that one should only insure against disasters, not inconveniences, it is in perfect keeping.
Think of the top 10 or 15 things you hope won't happen to you, but have heard about happening to others: friends, family, acquaintances. This coverage will pay a large lump of tax free cash to anyone who is diagnosed with any one of the 15 covered illnesses, including cancer, heart attack and stroke.
This money will simply buy you choices. The choice to change the way you make a living. The choice to seek out alternative methods of improving or keeping your life.
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