. Health insurance has two costs – the cost for the premiums, and the cost of using the coverage, like deductibles and copayments,” Jesani said.
(PRWEB) July 31, 2012
The rapid growth in the sales of critical illness insurance policies is sparking a renewed interest in permanent life insurance, according to Neil Jesani, industry expert and President and CEO of BeamaLife.
“The reasons are complex but easy to understand, even though these products seem unrelated to most consumers. Voluntary products, or ‘worksite products’ as they are commonly known, are made available for purchase by employees without any contribution from employers. These products often include life insurance, short and long term disability insurance, accident insurance, cancer insurance, and of course critical illness insurance. “
“With so many employers cutting back on benefits, particularly health insurance, it’s becoming more and more important that employees look for coverage to help them with the high costs of health care in this country today. Health insurance has two costs – the cost for the premiums, and the cost of using the coverage, like deductibles and copayments,” Jesani said. “When you have a serious medical condition – like a heart attack or stroke, or renal disease – those costs escalate quickly and dramatically.”
Typical critical illness policies pay a lump sum to the beneficiary when one of the qualifying illnesses takes place. The lump sum payment is designed to give policy holders the money they need so that seeking the best care, paying the mortgage, and missing work don’t add stress to an already upsetting situation. “That’s the upside of having this type of coverage,” said Jesani. “No one needs the stress of having a serious medical situation complicated by financial worries at the same time.”
“What’s really interesting to me as a financial planner though is how the growth of sales of this type of product has lead consumers to take a fresh look at permanent life insurance. Because of course a permanent policy has not only death benefits, but a cash balance that policyholders can access in the same types of circumstances should the need arise. Most people don’t think about their life insurance as a critical illness policy, but it is that as well,” said Jesani.
“At BeamaLife.com our consultants are trained to help our clients look at their whole financial picture, rather than simply purchasing a product for this need and a different product for that need. Many consumers purchase all of their insurance and financial products through their employers, and while that’s convenient, it’s rarely the most complete solution,” Jesani said.
“I encourage everyone I speak with to look at the most efficient and effective ways to guard against the financial risks they’ll face during a lifetime. In many cases, permanent life insurance does what many of these other policies do,” said Jesani.
BeamaLife is a privately-help, rapidly growing online nationwide life insurance brokerage firm licensed in all 50 states. While leading the evolution of the life insurance industry into the e-commerce environment, BeamaLife’s mission is to educate Americans on life insurance, term life insurance, whole life insurance, college savings, retirement savings, disability insurance and long term care insurance. BeamaLife is a leader in term life quotes and whole life quotes.
About Neil Jesani
Neil Jesani is the president and CEO of BeamaLife.com. He is also a Certified Financial Planner and recognized by the Consumer’s Research Council of America as one of “America’s Top Financial Planners.” Mr. Jesani contributes articles and financial advice to the top publications within the financial and Indian communities. He has been a guest on several television programs providing sound business and financial advice and is passionate about helping individual consumers and business owners understand the complex and challenging world of life insurance and financial planning.