Is Critical Illness Insurance Critical to Purchase?

Could this be you?...
Every 25 seconds someone in the U.S. will suffer from a coronary event, and about every minute someone will die from one.

Every 21 seconds someone in the U.S. is diagnosed with cancer.

Every 40 seconds someone in the U.S. is having a stroke.

These statistics show that people are experiencing major health events, but they are surviving more than dying from those health problems. Critical illness insurance lets you receive a lump-sum benefit upon the first confirmed diagnosis of a covered illness or medical procedure. The cash benefit is paid directly to you - to use any way you choose.

Just think for a moment...what would happen if you are the bread winner of your family and suffer a heart attack? If you needed time to recover from work and were self-employed, there may not be any or little income coming in. Do you have enough savings to cover this from being financially devasting? The benefit could pay for your mortgage, hotels while you travel for treatment, medical co-pays and other bills.

Critical Illness insurance was created by a physician that assisted in the first heart transplant. He discovered that people were not able to recover well from these events because they were stressed about their financial situation.

You should review this coverage and ask if it can possibly benefit you. Do you know someone that has suffered from cancer, heartattack, stroke, alzheimers or other major diseases? Do not let this happen to you unprotected.

There is a simplified insurance plan available with a benefit up to $50,000. Click here to run a quick illustration and see how affordable this coverage can be.

Are Annuities Good or Bad?

I am an annuity specialist, and I have heard all the objections from insurance producers and clients on why you shouldn't sell or purchase these financial products. Unfortunately, these objections are based on myths that I would like to address to help you make an educated decision based on facts.

First, let's start with addressing what an annuity is and how it works:

• An annuity is a tax-deferred investment for your money that fits as a great long term solution. This means you save money by not paying taxes each year on the growth. You just pay taxes when money is withdrawn.
• Annuities come in different shapes and sizes: Variable, Index, Fixed and Immediate.
• Index and Fixed Annuities provide complete downside protection from the market and still allow upside potential. This may be a fixed interest or following the market up to a limit of growth. Did I mention no losses????

Myth: If I ever want to get access to my money, I can lose thousands of dollars.
Fact: 99% of the annuity products available allow the owner/annuitant to withdraw at least interest earnings without any surrender charges. At least 60% of annuity products allow 10% of the annuity value to be withdrawn each year without surrender charges. How is that CD liquidity working for you?

Myth: Bonds are a much better investment because the interest rate is higher.

Fact: Bonds only grow when interest rates are dropping. As everyone is hoping for higher interest rates, did you know that bonds will lose you money as interest rates increase? You didn't know that?!?! Maybe it is time to re-evaluate your bond allocations.

Myth: Index annuities are a terrible deal with caps of 4.75%.

Fact: By providing downside protection from the market, this option still puts you ahead of the game. Here is a great example: If you have 4 quarters and take a 50% loss, how many quarters do you have left? 2 quarters. Now, if you would like your 2 quarters back, how much growth do you need? 50%? Guess again...100%!!!

There is a lot more information that I will address about annuities in future posts and how they can help your retirement future, but stop losing money and look at what these products have to offer you.

What is Insurance?

Insurance comes in different shapes and sizes to best fit your needs, but the main common denominator is to provide protection. This could be protection for your family at your death, your income, assets when needing additional care, automobile, etc. You get the picture...insurance is everywhere you look.

So the question of the hour is do you really need insurance? If so, what kind? I believe that you should speak with an insurance specialist, like myself, to determine what you need and what you can afford. You need to search within yourself and see what concerns are always on your mind, keep you up at night or would be financially devastating.

We all know sad stories of families left with no money, no life insurance and the breadwinner died unexpectantly. Important types of insurance are too affordable for you to let this happen to your family.

Do the responsible thing for your family today and let's talk about gaps you may have in your protection plan. Email me for a free review at uarayray@gmail.com.