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Critical Illness Insurance Farmington NM

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.

Dr. Stephen Walker & Assoc.
(505) 473-5100
3530 Zafarano Dr.
Santa Fe, NM
 
Swickard Agency Inc
(505) 624-1379
400 N Pennsylvania Ave Ste 600
Roswell, NM
 
Lovelace Senior Plan
(505) 995-2974
440 Saint Michaels Dr
Santa Fe, NM
 
Massachusetts Mutual Life Insurance Company
(505) 722-2253
100 W Hill Ave
Gallup, NM
 
Rio Grande Insurance Services
(505) 984-8216
1231 S Saint Francis Dr
Santa Fe, NM
 
Waldrop Insurance Organization
(505) 326-1123
5704 Indian Wells Ct
Farmington, NM
 
New Mexico Health Insurance Alliance
(505) 989-1600
460 Saint Michaels Dr
Santa Fe, NM
 
Lovelace Health System
(505) 262-1780
Albuquerque, NM
 
Brazis & Associates Wireless Service
(505) 730-8669
Albuquerque, NM
 
Lovelace Health Plan
(505) 262-1780
Albuquerque, NM
 

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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