I got something in the mail today from our nurse's union. It was an application for "Guaranteed Acceptance" for "Critical Illness Insurance."
I'm not really interested in that, but I read the information anyway.
I interestingly noted the following rates (these are for nonsmokers):
Male:
Age 24 or less ..........................$ 2.60
25 - 29 ................................... $ 2.90
30 - 34 ................................... $ 3.70
35 - 39 ................................... $ 4.90
40 - 44 ................................... $ 7.80
45 - 49 ................................... $ 13.10
50 - 54 ................................... $ 22.00
55 - 59 ................................... $ 35.70
60 - 64 ................................... $ 55.10
65 - 69 ................................... $ 90.20
70 - 74 ................................... $151.50 (renewals only. No new applicants)
75 ................................... Coverage terminates
Female
Age 24 or less ..........................$ 2.65
25 - 29 ................................... $ 3.15
30 - 34 ................................... $ 4.45
35 - 39 ................................... $ 6.40
40 - 44 ................................... $ 9.75
45 - 49 ................................... $ 15.05
50 - 54 ................................... $ 22.60
55 - 59 ................................... $ 32.65
60 - 64 ................................... $ 45.40
65 - 69 ................................... $ 75.20
70 - 74 ................................... $110.65 (renewals only. No new applicants)
75 ................................... Coverage terminates
Prior to age 45, females pay more for this insurance. After 45, males do and by 70, males are paying over $30.00 per month for the same coverage.
Now that isn't really what I found to be so interesting. This isn't a life insurance, it's a "Critical Illness Insurance" that is supposed to pay you a lump sum in addition to your usual disability payments in order to help you out with bills or whatever you want to spend it on. The money comes to the person insured to do what they want with it.
At the back of the brochure they list 25 life-changing illnesses. Some for example: Alzheimer's benign brain tumors, cancer but only if it's drastic and immediately life threatening, major organ failure, severe burns, stroke etc, and then off to the side almost like an "oh yeah, and before we forget, here are the terms"
It states that the benefits are only paid out if the insured person survives a minimum amount of time: 30 days. For more significant "life changing illnesses", the number of survival days needed is either 90 or 180 days before they see any of the money. But they still have to continue to pay in for that period of time when they are "critically ill".
If they don't survive for the minimum number of days, the money they paid into this insurance is lost because it isn't a life insurance so it isn't transferable or payable to anyone.
Now, many of the conditions listed are life changing and not necessarily going to lead to your death "immediately", but the fact that some of these people have to continue to pay into it when they could be in a condition to be in need of that money that is promised to them, seems just wrong to me.
Insurance companies sure run a racket!
I just found a link to it. However, I notice that on the website it states that there is no "termination" age, but the brochure I received states that you are no longer covered at the age of 75 and beyond.
http://www.iapacific.com/special/critical/critical.jsp
.
.
.
I'm not really interested in that, but I read the information anyway.
I interestingly noted the following rates (these are for nonsmokers):
Male:
Age 24 or less ..........................$ 2.60
25 - 29 ................................... $ 2.90
30 - 34 ................................... $ 3.70
35 - 39 ................................... $ 4.90
40 - 44 ................................... $ 7.80
45 - 49 ................................... $ 13.10
50 - 54 ................................... $ 22.00
55 - 59 ................................... $ 35.70
60 - 64 ................................... $ 55.10
65 - 69 ................................... $ 90.20
70 - 74 ................................... $151.50 (renewals only. No new applicants)
75 ................................... Coverage terminates
Female
Age 24 or less ..........................$ 2.65
25 - 29 ................................... $ 3.15
30 - 34 ................................... $ 4.45
35 - 39 ................................... $ 6.40
40 - 44 ................................... $ 9.75
45 - 49 ................................... $ 15.05
50 - 54 ................................... $ 22.60
55 - 59 ................................... $ 32.65
60 - 64 ................................... $ 45.40
65 - 69 ................................... $ 75.20
70 - 74 ................................... $110.65 (renewals only. No new applicants)
75 ................................... Coverage terminates
Prior to age 45, females pay more for this insurance. After 45, males do and by 70, males are paying over $30.00 per month for the same coverage.
Now that isn't really what I found to be so interesting. This isn't a life insurance, it's a "Critical Illness Insurance" that is supposed to pay you a lump sum in addition to your usual disability payments in order to help you out with bills or whatever you want to spend it on. The money comes to the person insured to do what they want with it.
At the back of the brochure they list 25 life-changing illnesses. Some for example: Alzheimer's benign brain tumors, cancer but only if it's drastic and immediately life threatening, major organ failure, severe burns, stroke etc, and then off to the side almost like an "oh yeah, and before we forget, here are the terms"
It states that the benefits are only paid out if the insured person survives a minimum amount of time: 30 days. For more significant "life changing illnesses", the number of survival days needed is either 90 or 180 days before they see any of the money. But they still have to continue to pay in for that period of time when they are "critically ill".
If they don't survive for the minimum number of days, the money they paid into this insurance is lost because it isn't a life insurance so it isn't transferable or payable to anyone.
Now, many of the conditions listed are life changing and not necessarily going to lead to your death "immediately", but the fact that some of these people have to continue to pay into it when they could be in a condition to be in need of that money that is promised to them, seems just wrong to me.
Insurance companies sure run a racket!
I just found a link to it. However, I notice that on the website it states that there is no "termination" age, but the brochure I received states that you are no longer covered at the age of 75 and beyond.
http://www.iapacific.com/special/critical/critical.jsp
.
.
.
