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Critical Illness Insurance Broomfield CO

Is Critical Illness Insurance a benefit to you? If you are covered by Critical Illness Insurance and you have to collect for a covered condition, your policy will be paid in full.

Gary Kennington
7015 West 62nd Ave.
Arvada, CO
Company
Title: Financial Retirement Specialist
Years Experience
Years Experience: 20
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Medicaid,Annuities,Insurance & Risk Management Planning,Medicare Planning,Life Insurance,Annuity Ideas & Strategy Planning,Asset Protection Strategies & Planning,Health Care Insurance,Retirement Planning,Retirement Income Distribution Planning

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Will Killhour III
501 South Cherry Street
Denver, CO
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Company: Waddell & Reed
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Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finance

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Farmers Insurance District Office
(303) 452-4440
11080 Circle Point Road Suite 170
Westminster , CO
 
Kelmeg and Associates, Inc
(303) 466-9575
7050 W. 120th Avenue, Suite 205
Broomfield , CO
 
Shelter Insurance
(303) 403-4763
9035 Wadsworth Pkwy., #1260
Westminster , CO
 
Perry Neva
1427 Glencoe St.
Denver, CO
Service
Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Capt

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SleepFit
(303) 404-8899
13654 Xavier Lane, Suite 201A
Broomfield , CO
 
FIT Wellness Center
(303) 469-0353
1140 Hwy 287 #100
Broomfield , CO
 
COREdinated Movement
(720) 935-9497
555 Alter Street Unit B
Broomfield , CO
 
Planet Fitness
(303) 423-1605
9120 Wadsworth Parkway Suite 100
Westminster , CO
 
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Critical Illness Insurance

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Critical Illness Insurance

Critical Illness Insurance is not the same thing as Long Term Disability (or LTD) insurance. It resembles "Death and Dismemberment" insurance, in that it pays out the full amount of the coverage as soon as you are diagnosed with a critical illness covered by the policy. It also pays a set amount; which you can count on regardless of the outcome of your illness.

So how is Critical Illness Insurance a benefit to you? If you are covered by Critical Illness Insurance and you have to collect for a covered condition, your policy will be paid in full. Better yet, this money is typically paid in a lump sum. This way you can use it for what's most important to you. For example, you can use your benefit's to cover unconventional treatments, travelling costs, specialized treatments, for the kids' college tuitions, or to pay off your mortgage. It's up to you.

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Many consumers feel that Disability Insurance offers adequate protection in the event of a critical illness and that Critical Illness Insurance is unnecessary. However, since disability insurance is geared to your current wages, it will only give you a percentage of that wage. You may find that this is simply not enough.

LTD usually pays a regular monthly benefit based on a percentage (often 67%) of your monthly-earned income before you become disabled. Before benefit's are paid, a doctor's diagnosis must confirm the disability and the insured individual must complete the waiting period; which is typically 90 to 120 days from the onset of the disability - depending on the policy. Depending on how you pay for your LTD, your benefit's may or may not be tax-free.

Given the waiting period required, you may never collect LTD. The only coverage that would provide benefit's during a shorter period would be your short-term disability insurance. Short Term Disability (or STD) has similar restrictions to LTD. Benefit's are typically based on a percentage of your wages. STD insurance also has a waiting period.

Critical Illness Insurance differs because it usually pays out a one-time lump sum benefit. There are approximately 23 critical illnesses covered under the Critical Illness Insurance policy - including cancer, heart attack, stroke, Alzheimer's, Parkinson's, and multiple sclerosis. You will still need a doctor's diagnosis to confirm the condition, and you may have to complete a survival period; which lasts typically 30 days from the initial diagnosis. However, no other disability, permanent or otherwise, is required to qualify for benefit's with Critical Illness Insurance....

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