Critical Illness Insurance Greenwood SC
Fee-Only Comprehensive Financial Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal
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BS In Nuclear Science and Technology
Years Experience: 3
Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Health Care Insurance,Retirement Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances
Company: LPL FINANCIAL
High Yield Bank Accounts,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Hourly Financial Planning Engagements,Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,401k Rollover
Critical Illness Insurance
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....