Although American Heart month is now over, it is still vital that your clients understand the importance of protecting their finances from the costs of heart disease and keeping their hearts healthy. The Guardian Life Insurance Company of America (Guardian) has compiled six important questions that you can pass along to your clients.
According to the American Heart Association, about 1.2 million Americans suffered a first or recurrent coronary attack in 2007 and survival rates for heart attacks are 67% today, up from 45% in 1950. Guardian’s Benefits & Behavior: Spotlight on Group Critical Illness report shows that 61% of those who have experienced, or had a spouse experience, a critical illness such as a heart attack, have encountered unanticipated expenses.
“The prevalence of ailments like heart disease, cancer, major organ transplants and kidney disease, coupled with high survival rates, underscore the value of critical illness insurance,” said Barry Petruzzi, 2nd Vice President, Group Benefits, Guardian. “Guardian research shows that many families aren’t aware of this important safety net. People often don’t think about how to deal with life’s twists and turns until they are hanging over a cliff. We came up with six questions to spark conversations that would help employees and their families prepare for, and/or avoid a critical illness.”
1. If I have a heart attack, stroke, cancer or other major illness, how would I pay for extra expenses related to my recovery that aren’t covered by my medical insurance? Money from critical illness insurance, given as a lump-sum amount when someone is diagnosed with a serious illness such as a heart attack, can be used at the policyholder’s discretion and provide needed protection.
Critical illness insurance can be used to pay for out-of-pocket recovery expenses such as medical deductibles and co-payments, out-of-network costs, experimental and complementary alternative medicine and even medical tourism.
2. Who would watch my children if I am recovering from an illness? The lump sum that you receive from a critical illness insurance policy can help you to pay a friend, family member, daycare center or nanny to help you with the extra child care that you and/or your spouse may need while focused on recovery.