Critical Illness Insurance
The Baker Companies assists clients in developing planning solutions for protection against
financial difficulties in the face of a critical health event. Critical Illness Insurance serves a
Living Benefit that provides a lump sum payment to survivors of a life threatening illness or
disease. This living benefit can help the insured to:
- Live longer by:
- Having freedom to choose expert medical care
- Paying for experimental drugs, treatments or specialists not currently covered by medical insurance
- Maintain or pursue lifestyle changes such as:
- Change in job
- Change in skill level
- Provide financial security to offset:
- Premature job loss
- Lost income
- Reduced retirement benefit
- Home mortgage or credit debt
- Child-care
- Children's higher education
70 million Americans have suffered cancer, a heart attack or a stroke. (American
Cancer Society, Cancer Facts & Figures 2002 and American Heart Association, 2002 Heart and Stroke
Statistical Update)
Nearly 50% of mortgage foreclosures are due to a critical illness; only 3% are due to
death. (Best's Review - Life/Health Insurance Edition, Volume 99, Number 3,
page 85 (l), July 1998.)
The probability of incurring a critical illness is more than twice as great as dying form any
cause before age 65. (1997 Employee Benefits News and Views
Magazine)
