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January 15, 2004 at 07:00 PM
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When it comes to the need for critical illness coverage, women represent an especially good market.
Consider the family demographics. Todays family structure is more diverse than ever before. One thing that has not changed is the primary role a woman plays as caregiver and provider to the familyhowever that family may be defined.
Among single-parent households, three times the number of women are the heads of household than men. Should a critical illness happen to her, there might not be supplemental income to help cover new medical as well as ongoing expenses. There also may be lack of child care support, or money for daycare while she undergoes treatment and recovery.
With or without children, most husband-and-wife households today are dual incomewith the wife bringing in one-half or more of the income. We often consider the financial consequences of death of a primary income provider, but most people dont plan on a critical illness. Therefore, they cannot withstand several months with up to half or more of their income compromised or gone.
Finally, even though no additional monetary income is realized with a stay-at-home mother/spouse, the resulting monetary savings can be great. Unfortunately, while she may be eligible for life insurance coverage, she is not eligible for disability income. This is a perfect place for critical illness coverage. Should a critical illness strike, children must be cared for; her spouse may need to use the Family Medical Leave Actunpaid–to help care for her; and the traditional uncovered expenses associated with her illness and recovery would need to be paid.
Do health statistics support these observations? Lets see.
Critical illnesses dont discriminate between men and women. The leading causes of death in 2001 for women were heart disease, cancer, stroke, respiratory disease and diabetes, according to the Centers for Disease Control (www.cdc.gov). Since CI policies typically cover the first three conditions, and since many CI products cover other conditions as well, many women will benefit from owning CI insurance.
What are the issues to consider with heart disease? This is the No. 1 killer of women on the CDC list. Despite the number of deaths, however, advanced medical technology has made survival more likely than ever before. Recovering physically and financially can be a long and difficult process.
What about stroke? Brain attacksor strokesare the No. 3 cause of death for women and No. 4 for men, according to the CDC. These events can happen to anyone at any age. The CDC figures show that more than 4 million people in the United States have survived a stroke. They, along with their loved ones, know firsthand what it takes to make it on the road to recovery.
