Critical Illness Plan Comparisons

[Guest]

...it will not pay in most cases when someone hits their deductible...

Could you explain that please? Thanks!

 

[0b1kanobee]

This is a product I have a tough time getting behind. Selling it as a high medical deductible gap product doesn't sit well for me since it will not pay in most cases when someone hits their deductible.

I'm not understanding it either. It's like some kinda Jedi mind trick.

 

[Full Throttle]

All I was saying is the majority of people who hit their deductible will do so for reasons other than a critical illness as defined by most policies.

 

[0b1kanobee]

All I was saying is the majority of people who hit their deductible will do so for reasons other than a critical illness as defined by most policies.

That's not what the CI is for. The CI is for when they go to the mailbox and get the bills for which they just hit the deductible. This in turn causes the heart attack and then the CI plan pays.

P.S. This could also happen upon opening your 401k statement.

 

[Benefits For America]

We recommend Colorado Bankers Life Insurance Company. 10 year term life w/15 covered critical illnesses. Pays a lump sum at diagnosis, regardless of actual expenses, treatment or other coverage. Death from any cause is also a 100% benefit. Rates start at $5/wk.

 

[nightmareonelmst]

20 useless posts - yeah me

 

[WinoBlues]

We recommend Colorado Bankers Life Insurance Company. 10 year term life w/15 covered critical illnesses. Pays a lump sum at diagnosis, regardless of actual expenses, treatment or other coverage. Death from any cause is also a 100% benefit. Rates start at $5/wk.

What is they do not die or become critically ill till the 11th year?

 

[somarco]

From a pure income protection standpoint, I would rather have a comprehensive DI policy (policies I have written have paid out in many instances that would not be covered by a critical illness or accident plan). I understand the concept, cash up front, but the people who need that cash can rarely afford proper medical, life, disability, and fund their retirement and still have money left over for critical illness. JMO.

CI can be written in addition to DI and works quite well especially for high income folks that have maxed out their LTD plan. You can also write it on blue collar types and folks where LTD is too pricey.

All I was saying is the majority of people who hit their deductible will do so for reasons other than a critical illness as defined by most policies.

Do you have stats or is that just shoot from the hip?

We recommend Colorado Bankers Life Insurance Company. 10 year term life w/15 covered critical illnesses.

The benefit is taxable in most cases. That reduces the effective benefit.

You never want to write a CI plan that is a rider to a life policy.

 

[0b1kanobee]

You never want to write a CI plan that is a rider to a life policy.

Ah I don't think I would use the word "NEVER". Are you familiar with Western Reserve Life's built in CI and living benefits?

Might be taxable but how much would a CI policy cost that can do what it does?

 

[Benefits For America]

What is they do not die or become critically ill till the 11th year?

No problem. This is a guaranteed renewable 10 year policy that continues on. At age 70, all of the critical illness riders go away, unless they choose to convert this term to a whole life policy.
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I have not seen a case where critical illness policy proceeds have been taxed, provided the premiums were paid with post-tax dollars. What are you referring to?