Accident or Illness - Which Occurs Most Often?

Jan 6, 2009

  1. deleatme
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    deleatme New Member

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    Hello Again Everyone,

    Sorry to bother you again but I can't seem to find the answer to this ?. Which occurs most often? Which one does a person stand a higher chance of have happening/getting to them - a major accident or a critical illness.

    Thanks Again,

    John
     
  2. somarco
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    somarco That Medicare Expert Guy

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    I suppose you can find generic stats, but they are either meaningless or overly complex. Too many variables to make them anything other than a fascination.

    Why are you asking? What would you do with the information if you found something "revealing"?
     
    somarco, Jan 6, 2009
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  3. Newby
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    Newby Guru

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    If you're talking about deaths...very very few people die of accidental causes. That's why accidental death coverage is very very inexpensive to add to a life policy. Hardly ever pays off.

    No one should buy accidental coverage for life or health UNLESS they already have quality REAL coverage in place and just want to supplement it for some reason.

    The problem I see with accidental policies is it give people a FALSE sense of security and provides them an excuse not to buy real coverage.

    You don't need more money if you die falling off a ladder than you do if you die of cancer.
     
    Newby, Jan 6, 2009
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  4. deleatme
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    deleatme New Member

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    somarco - When I become an agent and I'm speaking to someone and they already have medical coverage in place I might want to offer them an accidental income supplement or a critical illness income supplement if they can't afford DI. I know DI can cover both accidents and illnesses but there could be a premium challenge. So as a drop back I'm interested in the supplements. The reason I asked which has a higher rate of occurring is to just know which one to offer first. If there would be a greater probability of having an accident over a critical illness I though I would start with that, or vice versa.

    Thanks for responding. Are you still paranoid?:)
     
  5. GreenSky
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    GreenSky Guru

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    You need to define an accident. Does it include pregnancy?

    Rick
     
  6. SportsNut
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    SportsNut Guru

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    Newb:

    I generally agree with all you aspouse, except with the first sentence above. AD is NOT exactly cheap. Most folks assume that it is, but not really so.

    As example, M45 n/s pref plus, 250K, 20 yr guarenteed term.

    West Coast Life mo prem is 29.97. If you add the AD rider, it adds another 21.22, for a total of 51.19 mo. OR, you could spend 55.56 mo, less than $ 5 mo more, and get 500K death ben, and die natural or accidental, and it pays the full 500K. So you can see that it is a suckers play, but it is sold all day long. Now I suppose if one were rated or a smoker the difference is mitigated to a large degree since the AD ben doesn't increase as other risks increase, but still not usually a good choice, IMO.

    I do agree with the rest of your premise above.
     
  7. somarco
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    somarco That Medicare Expert Guy

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    Yes, I am still paranoid.

    Especially when it involves suspicious accidents. I still get my wife to start my car for me in the morning. So far, so good.

    But enough about me.

    If you develop a rapport, you will discover what things concern your prospect the most. Some will flat out say they fear cancer. Others will think they are bullet proof, except for accidents.

    Too often agents try to shove something at their prospect, just to make a commission. They usually don't last very long, the policy or the agent, but if it makes you feel better to walk away with something then go for it.

    A professional agent will find the need. They do this by asking questions. If you ask enough questions, especially the right ones, you will quickly discover what your job is.

    Rick, is there something you want to tell us? Buying those cheap condoms in the gas station again?
     
    somarco, Jan 6, 2009
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  8. deleatme
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    deleatme New Member

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    Again great info. Thanks !
     
  9. bobson
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    bobson Guru

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    Illness claims for disability insurance are much more frequent (I've heard as high as 9 to 1 but I don't have any stats). And the three big illnesses (cancer, stroke, heat attack) are the most common illnesses. Add in MS and a few other severe illnesses and it does become an interesting question...
     
    bobson, Jan 6, 2009
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  10. Mark
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    Mark Guru

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    If you will email me at [email protected] , I will send you a great client brochure that will give you some numbers and facts about this subject.


    To give you some of what it says:

    Are you at risk?
    What are the chances you could be out of work for an extended period of time due to an illness or accidnet? Greater then you think, according to the Society of Actuaries.

    A Look at the numbers:
    Chances a white-collar worker, age 35 to 65, will suffer a disablity lasting 90 days or more:

    MALE 1 in 4
    Female 1 in 3

    Think that you don't need disablity income protection because you work in an office and don't hang glide in your free time?

    The leading causes of disability are in fact due to illness, not accidents. The medical conditions causing the most disabilities amoung workers are cardiovascular problems, musculoskeletal conditions and cancer.


    Just email me at [email protected] and I will send you a copy of this client brochure that I found. It is a part of the Disability Insurance Awareness month.
     
    Mark, Jan 6, 2009
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