No. of Recommendations: 1
Hi Matty,

Are there any insurance products that protect against financially catastrophic health events, but that aren't a standard health plan?
Maybe... might depend on what you want for benefits, and what risks you want hedged against.

You might want a Critical Care policy.... Very different from traditional health care, disability or long term care.

The premiums at one I have seen recently run from $17 annually (for ages 18-29 with the lowest benefite tier; $500/month up to 6 months) on up to $6,100 annually (age 80-84 with the highest benefit tier; $3,000/month up to 24 months.) You can mix & match to fit the age to benefits appropriate.

It buys a specific time period of payouts, from a max of 6, 12, 18 & 24 months.
The benefits can be chosen in $500/month increments up to $3,000/month (for the period named, above.)

Its triggered by specific diagnostics (Cancer, Heart Attack, Alzheimers, Bypass surgery, Stroke & a few others... the "major and most" likely culprits for financial catastrophe.)

It pays out the benefits to you in cash, not negotiated settlement or service rates to the medical providers... so its truly "catostrophic avoidance benefits" not medical benefits. It can be used for absolutely anything.

Bump your chosen premium by 10-25%, and you can get a return of premium rider.... which pays back your premium (minus any benefits you had collected) if you die before the 1st policy anniversary after your 80th birthday.

Given the specificity of its nature, very close to damn near everyone can get approved. If you have sufficiently dire pre-existing conditions in one trigger category or another, it may be offered exempting that for a period of time.

Its not going to make anybody rich or shelter capital itself from risks, like a life policy... but its definitely a decent solution to prevent financial collapse due to cessation of cashflow due to a key earner's disability.

Dave Donhoff
Leverage Planner
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