Specialty Insurances

Serious illnesses such as cancer, heart ailments and Alzheimer's affect millions of individuals and families each year. In light of such life threatening situations, people face a multitude of pressures and problems, namely that of added financial pressures.
On the positive front, there are financial tools available to provide for those who need help in restoring the quality of their life while they are still living as opposed to after their demise.

Dependent upon your specific needs, one or more of these financial and planning tools may be right for you. It is advised that one work with a qualified professional capable of offering unbiased pros and cons pertaining to each type of insurance. The purpose of these specialty plan is to release them from worry about finances so he\she may fully maximize the time left during their life.


Viatical Transactions, also known as Life Insurance Redemptions:
This is a financial option that allows an individual with a serious illness to sell all or part of a current life insurance policy. In turn the policyholder receives a cash settlement and eliminates all future premium payments. All types of policies qualify and there are no age requirements for consideration.
Predominately unstructured when initially introduced in the mid 1980s, this aspect of the life insurance industry, is now highly regulated.

Settlements can be substantial. A recent report by economists at the University of Pennsylvania's Wharton School and Criterion Economics LLC in Washington, D.C., found that holders of life insurance policies who sold their policies last year to Viatical and life settlement providers, received $242 million in excess value that would have been otherwise been forfeited to insurers.


Long Term Care Insurance:
Not only for those who have achieved senior status, long-term care may be required for an individual of any age, any social strata and any geographic location. According to the Family Caregiver Alliance, of those individuals in need of long-term care, 57% are age 65 and older, 40% are ages 18-64 and 3% are children under the age of 18.

Long-term healthcare is assistance provided to people with a chronic illness or disability who have physical or mental conditions that limit their ability to carry out everyday independent tasks. Long-term care can help an individual maintain a level of functional independence, regardless of whether he\she is attempting to cure a specific illness.

Paying for long-term care out of your pocket can prove to be an enormous financial burden. However, options do exist to substantially reduce out-of-pocket expenses by owning long-term care insurance; which pays for various levels of care.


Cancer Health Insurance:
Individuals who are diagnosed with cancer may find themselves in a precarious position where they need to find ways to protect themselves from the impending medical bills.

Typical cancer health insurance policies may provide up to three major types of specific benefits to the policyholder.

1)The first of these is a lump sum payment when a cancer diagnosis is made. This provides a lump sum of cash to the policyholder to do with as they please. Funds may be used for standard health care, experimental care or no care.

2) A second benefit cancer health care insurance delivers is a payment of lost wages attributed to illness-related absences by the insurer to the policyholder. This covers time off for doctor's appointments, radiation treatments and hospitalizations. Additionally, standard medical coverage can be enhanced through "gap insurance". This covers the costs that standard health insurance does not typically cover such as hospital co-payments and second and third opinions. This benefit may be combined with benefited derived from other insurance policies that one may have.