Simply, living benefits insurance provides benefits without having to die first. Benefits are limited and specific. Living benefits coverage can be a stand alone policy or as a rider to another policy. Carefully examine available options to determine which is best for your situation.
Cash Benefit Cancer Plan
Cancer Insurance pays a cash benefit directly to you upon the diagnosis of cancer. Some Cancer Insurance policies will pay a lump sum cash benefit upon initial diagnosis and others will continue to pay over the course of treatment. Use the cash benefits from a Cancer Insurance policy to help with deductibles, mortgage payment, car payment, groceries, gas, cable bill, and any other daily living expenses you may have. Remember Health Insurance won’t write a check to your mortgage company but a Cancer Insurance policy can help.
The high incidence of cancer means that you or someone in your family may develop cancer at some point. And while your health insurance policy may cover a portion of physician, hospital, cancer therapy or prescription drug bills, it probably doesn’t cover them in full.
And your insurance isn’t likely to touch the other major costs of cancer, including loss of income, transportation, childcare, housekeeping and home nursing expenses. If you or another family member is unable to fulfill his or her usual responsibilities while ill, your family and your family’s finances could suffer greatly.
If you’re lucky, you’ve probably never had to use critical illness insurance (sometimes called catastrophic insurance). Perhaps you’ve never even heard of it. But in the event of a big health emergency, such as cancer, a heart attack, or a stroke, critical illness insurance could be the only thing standing between you and financial ruin. Many people assume they’re fully protected with a standard health insurance plan, but the exorbitant costs of treating life-threatening illnesses are usually more than any plan will cover. Read on to learn more about critical illness insurance and whether it’s something you and your family should consider.
Hospital/Surgical Supplemental Health Coverage
Hospital Indemnity Insurance helps provide additional financial support when you need it the most. After a hospitalization resulting from a covered injury or illness, you or someone you designate receives a fixed benefit amount. The Hospital Indemnity Insurance policy pays the specific fixed benefit dollar amount you selected when applying, regardless of the amount charged by providers. And, there are no restrictions on how you can spend the money.
Accident Insurance, also known as supplemental accident insurance or personal accident insurance, pays benefits for accidental injuries.
Consider the affect a common accident may have on your financial picture. Because you never know when you or someone in your family could get hurt In an accident, an accident insurance policy can be helpful when the unexpected happens.