Archive for December 30, 2010

Critical Illness Insurance In The USA

Critical illness insurance did not exist in the USA long ago. There was a type of insurance known as the cancer insurance. It covered some types of cancers, alike critical illness which covers certain critical illnesses. Cancer insurance had been in the USA for many years. It was during the year 1989 that a critical illness product was firstly launched in the USA by Jackson National Life. The critical illness policy lacked benefits, as it was the case when firstly introduced in the UK. It covered only around 5 critical illness conditions with about 25 percent acceleration of the life benefit. The product sold well during the first two to three months but then came to a slowdown.

The slowdown could have arisen as Jackson National Life sold the critical illness policy in the broker market. The broker market at that time had the tendency to be guided by whatever was new. Therefore, when a new product came into the market, critical illness policy was left behind. The policy may still exist and could be sold in the USA but under a different form. (Source: Health Care Conference, 2000)

Moreover, then came the American Physicians Life�s policy (APL). This type of critical illness policy may still be sold in the USA. But sales may have been considerably low. There may be three reasons that could explain the poor sales of this critical illness policy. Firstly, APL was only licensed in 8 states and could be seen as a niche provider. Secondly, the policy was based upon the critical illness policy in the UK and thus turned out to be ineffective for the US market at that time. Finally, the APL had been sold to a finance group which owned the American Founders Life (AFL). AFL also had a critical illness contract but sales had as well been meager.

The attempts to sell an effective critical illness policy over the US market did not stop here. Bankers Life & Casualty came with the only standalone critical illness policy. The US market did not respond positively to change. Again, sales had been relatively low. However certain problems may explain the lack of growth of critical illness cover in the USA. There are many states in the USA. Thus, each state has its own law which also regulates insurance separately. Therefore, if critical illness policy issued by a company is recognized in only a few states, many people may be left unaware as it may not reach them easily. The success of critical illness insurance in the UK may explain everything as laws and regulations may have been set only by one authority as compared to the USA.

Furthermore, critical illness insurance may have been considered as another form of cancer insurance in the USA. Cancer insurance had not been successful in the USA as it did not offer cover for all types of cancers. As a matter of fact, its benefits may also have been slight.

Looking at critical illness insurance in the USA, we can see that this product had not been as successful in the UK. The direct sales forces in the UK may have led critical illness insurance to the status it now holds in the market.

via Critical Illness Insurance In The USA.

Choosing Critical Illness Insurance

Surveys tell that most people are more likely to become critically ill than to die before they reach the age of 65. Critical illness affects a lot of people in UK as well as all over the world. Consequently, life insurance companies found a solution. They came across the idea of bringing out a new policy called critical illness cover. To date, this type of policy has kept its name. As time passed by, critical illness gained popularity as it was sought by many people. How do we choose critical illness insurance? Let us find out the answer.

First of all if you are worried about the safety of the family or want to set everything right for the future, you are probably wondering about taking a critical illness insurance. Fine idea as it is, to get the best critical illness insurance you must start looking around. In an initial step you have to make a list of what life insurance companies you have to visit or phone. Now, not all life insurance companies offer the critical illness cover. To get round this, you will probably have to make some phone calls. Once done, you now have a list of all life insurance companies which offer the critical illness insurance.

Therefore, start by calling the most prominent critical illness insurance companies. You will have to compare different quotes and check out prices to find on the critical illness policy that suits you. Tiresome and tricky as it is you may find yourself in a dilemma. You could end up having so much paperwork in your hands that it becomes difficult to make a choice. Remember that you have to take all the factors included within the policy into consideration. Do not always opt for cheap critical illness insurance policies. Most of them might not be as effective.

Probably the best way to search for a critical illness insurance or any other life insurance is to surf the internet. You could just sit down on your comfortable chair at home and avoid visiting the insurance companies one by one. You open Google for example and write critical illness insurance. The results would show you a list of all insurance companies that offer critical illness insurance. You have immediately thousands of insurance companies to visit and request a quote online.

To get a quote online is in most cases easy. You can specify which type of critical illness cover you want. You can also mention for how much time you need the cover for and are sometimes asked how much cover you need. Thus, the bigger the cover you want, the higher the premium will be.You are also asked if you want a joint or single critical illness insurance account. Besides, you will be able to compare the quotes from various companies at a time. Hence you have a broad vision of the types of critical illness insurance company that exist and the advantages they are giving. As said before, do not get attracted by cheap prices. Anyway if you still want the support of an agent, you could easily get a contact. Most of the time you would be explained things clearly.

As a matter of fact, contacting online brokers for critical illness insurance is very often an easier task compared to visiting one company after the other. So take advantage of the internet and unlock the appropriate critical illness insurance you have always dreamt of.

via Choosing Critical Illness Insurance.

Critical Illness Insurance To Help During Hard Times

ust like a normal insurance package, critical illness insurance is also designed to facilitate the lives of those who are insured. It is different from the standard insurance covers and best suited to someone who might have been diagnosed with a critical illness.

Critical Illness Cover

When someone in the family or the main earning member gets diagnosed with a life threatening condition, the future suddenly looks bleak. Usually, there are no future plans that take into account the condition that will most likely take away a precious life. In such a situation having critical illness insurance plan works towards providing some advantages, the first being giving some peace of mind to the one who is battling the condition. The first thought he might have is what will happen to his family, their future and their growth when he is not there to protect them. He will see to it that they are safe and no harm comes to them. That is what this sort of insurance cover normally aids the insured person.

When you decide to take such a policy you are not only safeguarding your family, you might also be making sure that their future is taken care of.

The Benefits

Getting the right plan for you might be a tricky proposition since there are a number of policies out there. These policies are provided by various companies covering a range of different illnesses. You need to choose the one which is most likely to suit you and also take into account other important factors.

If you are not sure how to approach this subject you can take the help of a number of online options that present you with varied choices. They will ask you some basic questions and depending on your answers will provide you with a number of policies that are best suited. You will be required to give out your medical histories and whether there was any serious illness in the past.

They will then show the various policies that might be designed to suit your case. You can also ask for a tailor made policy once you decide that you want a more comprehensive cover with specific conditions.

It is important that you look at the features and check out the kind of medical conditions that are covered in the critical illness insurance. Some might not cover the most critical conditions while others might cover a range of problems that might not even be a possibility where you live. Though you might feel that it is best to be prepared in advance, accepting all these might simply increase your premiums.

If you are a businessman and want to take out a group cover for your employees there are various policies that can cover that as well. You might get advantages from this cover and also see to it that all your employees are benefitted from this type of critical illness insurance.

When you recover this money in a lump sum amount like any critical illness insurance, you might like to spend it on paying off a huge debt that you would have taken care of in the normal circumstances, pay for your child’s care for the future and make sure that their needs are taken care of even if you are not physically present.

via Critical Illness Insurance To Help During Hard Times.

Baldwin Benaware
KC Benefit Services Discount Card
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