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Perspective

Critical Illness As a Supplement to Accident

October 19, 2014| Von Steve Rowley | Critical Illness | English

Region: U.S.

One of the more popular forms of supplemental insurance today is Accident insurance. Purchasers understand that, even with underlying health insurance, they will often be exposed to large out-of-pocket expenses after such common medical issues as sprains, fractures, lacerations, and burns. These expenses may become a significant financial burden when accidents that are more serious occur, such as motor vehicle accidents, severe falls or many work-related injuries.

Accidents are only a part of the equation. Insureds with strong medical coverage incur significant out-of-pocket expenses for non-accident-related illnesses. In many cases, these expenses are considerably higher than those that would be incurred in most accident situations

Critical Illness insurance is the “illness” equivalent to Accident coverage and is the ideal complimentary product for it. By combining Accident and Critical Illness insurance, the insured is protected from some of the most costly health-related out-of-pocket expenses imaginable.

What makes this a great combination?

  • An Understood Need: Individuals who have purchased Accident insurance have already demonstrated an understanding of their risk exposure and acted on it. As such, they are ideal candidates to understand the value and benefits of a Critical Illness plan.
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  • Ideal Protection: By layering Critical Illness insurance on top of Medical and Accident coverage, insureds have more comprehensive protection and choice when catastrophic events occur.
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  • Balanced Risk: Accident and Critical Illness insurance offer a way to balance risk. Generally speaking, the risk of serious accident decreases with age as the risk of a Critical Illness (cancer, heart attack, stroke, etc.) increases with age.

Perhaps the greatest barrier to successful Critical Illness sales has been educating consumers to understand their out-of-pocket risks when a major medical crisis occurs. When marketing to those who have already purchased accident coverage, the understanding is already there and the producer need only help the insured understand the “illness” side of the risk equation. 
 

 

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