With retirement comes the potential of so much opportunity – to travel, to relax, to spend more time with family, or to tackle a project or write that novel. As you know, retirement also requires plenty of financial planning, because without the proper funds at your disposal, those hopes and dreams can never come to fruition.
While you're busy with a financial planner making sure your future is in a good place, consider adding critical illness insurance to help protect from unexpected illnesses such as cancer.
Critical illness insurance is a type of coverage that can provide a payout after a covered diagnosis. Critical illness payouts can help cover the cost of treatment for the covered illness or possibly a lump-sum, it depends on the policy. Coverage can vary based on company and product; some policies may only cover a few conditions and others a larger array. Certain conditions must be met before a payout is made, so it's important to understand the policy before you purchase one.
It might make sense to seriously consider purchasing critical illness insurance as part of your retirement financial plan. That's because as we age, our health becomes more uncertain, and having a plan in place if something were to impact our health is essential. Additionally, a critical illness policy may not be available after a certain age.
If a critical illness like a heart attack, stroke, end stage renal failure, etc. were to happen to you, how long would your retirement savings last? Would you be able to afford your medical bills, travel costs, and other costs associated with treatment? These costs could be offset by a critical illness insurance policy, and it might be a good idea to purchase one when you're saving up to have the best golden years you can.
If you want to know if a critical illness insurance policy is right for you, contact your financial advisor. If you want to know about a policy, what it covers, and its conditions, contact an independent broker or a licensed insurance agent.
Would your major medical plan cover all your expenses if you became critically ill?
Critical Illness insurance can help cover unpaid medical bills, travel expenses, lost income and more.
The purpose of this communication is the solicitation of insurance. United American Insurance Company is not connected with, endorsed by, or sponsored by the U.S. government, federal Medicare program, Social Security Administration, or the Department of Health and Human Services. Policies and benefits may vary by state and have some limitations and exclusions. Individual Medicare Supplement insurance policy forms MSA10, MSB10, MSC10, MSD10, MSF10, MSHDF10, MSG10, MSHDG, MSK06R, MSL06R, MSN10 and in WI, MC4810 and MC4810HD, MC4810HDG are available from our Company where state-approved. Some states require these plans be available to persons under age 65 eligible for Medicare due to disability or End Stage Renal disease (ESRD). You may be contacted by an agent or producer representing United American Insurance Company, PO Box 8080, McKinney, TX 75070-8080. OUTLINE OF COVERAGE PROVIDED UPON REQUEST.
For Ohio, you may verify the agent/broker and United American Insurance Company by contacting: The Ohio Department of Insurance 50 W. Town Street, Third Floor - Suite 300, Columbus, OH 43215. Consumer Hotline: 1-800-686-1526 or TDD Number: (614) 644-3745. For costs and complete details of coverage call or write your insurance agent or the company (whichever is applicable).