The New Term Life Insurance
Recent studies show that nearly half of all Americans suffer from at least one chronic illness. A lot of these people have one or more daily activity limitations. Chronic diseases such as heart disease, stroke, cancer, and diabetes are among the most common health problems and are also the leading causes of death and disability. They are also the most costly.
Certain types of new term life insurance can play an important role in protecting your family’s financial future when an unexpected chronic, critical, or terminal illness happens. The life insurance company will pay part of the death benefit for the following types of illnesses.
Chronic illness is when a person is unable to perform 2 of 6 activities of daily living for a period of at least 90 days and requires constant supervision to protect from threats to health or safety due to severe cognitive impairment. The activities of daily living include bathing, continence, dressing, eating, toileting, and transferring.
Covered critical illnesses may include:
- Heart Attack
- Invasive Cancer
- End Stage Renal Failure
- Major Organ Transplant
- Arterial Aneurysms
- Central Nervous System Tumors
- Major Multi-System Trauma (Major injury to three or more organs or systems)
- Severe Disease of Any Organ (resulting in significantly altered life expectancy)
- Severe Central Nervous System Disease (Parkinson’s, Huntington’s, Multiple Sclerosis, Encephalitis with long-term effects)
- Major Burns
- Loss of Limbs
Terminal illness is when a person has an illness or condition that is expected to result in death within 24 months or less.
It’s time to get the New Term Life Insurance
If you have an old term life insurance policy that does not cover all the above, it is a good idea to look for a new term life insurance policy that does. Please let us know if you have any questions or would like a quote for this type of new term life insurance policy.