You may survive a Critical Illness physically…  Could you survive it financially?  Here are some Frequently Asked Questions.     

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The LifeStyle Protector is Term Life Insurance that pays you the face amount of the policy if you die, but more importantly pays you the same amount if you suffer a critical illness and live.

100% of the face amount is payable upon first diagnosis for Life Threatening Cancer, Heart Attack, Stroke, Renal Failure, Terminal Illness, Major Organ Transplant and Death.  Other conditions may be covered, review the brochure for your specific state for a complete listing of benefits.

Why do I need Critical Illness Insurance?

Almost everyone knows someone who has experienced a Critical Illness of some kind, and survived physically.  The LifeStyle Protector is designed to help people through the financial challenges associated with survival.

Why do I need a LifeStyle Protector Policy?

You are asked each year to absorb more of your medical insurance costs.  You are sharing more of the premium with your employer, taking on higher deductibles and co-payments.

The majority of Disability insurance will typically cover you for only 60% of your salary.

It is unrealistic to think you could save enough money in an account if you or your spouse, are diagnosed with a Critical Illness.

Lastly, a study conducted by Harvard University , Illness and Injury as Contributors to Bankruptcy, found a connection to bankruptcy and medical illness.  They found that 50.35% of personal bankruptcies were caused by illness or medical debts.  1.9-2.2 million Americans are estimated to have medical caused bankruptcies each year and 75.7% of debtors that had medical bankruptcies also had health insurance.  At the time of bankruptcy filing, $11,854 was the average out-of-pocket medical expenses covering co-pays, deductibles and uncovered health services for bankruptcy filers

The LifeStyle Protector was designed to help bridge the financial protection gap between traditional insurance coverage and the additional costs associated with a critical illness.

Who is Colorado Bankers Life Insurance Company?

Colorado Bankers Life is one of two life insurance and financial service companies that are subsidiaries of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company and one of the nation’s premiere health insurance carriers insuring more than 10 million Americans.  The A.M. Best Company, one of the nation’s leading industry analysts, rates Colorado Bankers Life “A” (Excellent) for its financial condition and operating performance.

How is the money paid if I have a Heart Attack, a Stroke or Cancer?

Colorado Bankers Life will send you a lump sum check for the full face amount of your policy.  Since the check is paid directly to you, you choose how to spend the money at a time when you and your family need the extra cash the most.* 

This policy can provide funds for:

• Replacing a paycheck
• House payment or rent
• Co-pays and deductibles
• Car or truck payments
• Credit card payments
• Lost income of self or spouse
• Non-covered “experimental” treatments 
• Home health care needs
• Home and auto modifications
• Groceries and utilities
• Keep your business going
• Maintaining your family’s quality of life
• Housekeeping or childcare expenses
• Expenses associated with training for a new profession 
  
  *Unlike a death benefit, living benefits may be taxable.

Are survival rates increasing after suffering a Critical Illness?

Yes…advanced medical technology is allowing many more people to survive critical illnesses that would have been fatal in the past.

• Between 1993-2003, the death rate declined approximately 30.2% for heart attacks and almost 18.5% for strokes.  (American Heart Association, Heart Disease and Stroke Statistics, 2006) 
• About 4,600,000 stroke survivors are alive today.  American Heart Association, Heart and Stroke Statistical update, 2002)
• The possibility of surviving a critical illness before age 65 is almost twice as great as dying.  (National Centerfor Health Statistics) 

What happens if I die?  Do I have to die from one of the Critical Illnesses?

100% of the face amount in force will be paid to your beneficiary for death from any cause, except suicide within the first two years.

Where do I find a quick reference guide to the definitions of the covered Critical Illnesses?

The definitions are located on the last page of the brochure.

Wouldn’t a Check be better Than a Get Well Card?

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