One thing that makes critical illness insurance unique is that it was not created by an insurance company, but by a world-famous heart surgeon, Dr. Marius Barnard. He was part of the team, headed by his brother, Christian Barnard, that successfully performed the first human heart transplant.
Dr. Barnard was practicing medicine in South Africa, and saw that, with the changes taking place in medicine, when a critical illness struck he was able to heal his patient physically, but the financial stress that accompanied cancer, heart attack and stroke was killing his patients.
One of the questions I’ve received over the years is “Will my sport cause me problems in purchasing new life insurance?” The answer in most cases is no, but there are some hobbies that may be a problem for the underwriters in the insurance company.
Here is a list of seven high-risk sports that are problematic when it comes to getting life insurance.
My father’s illness took his life when I was 11, leaving behind his wife and five children. Soon after, we woke up to the bitter realization of our deteriorating financial situation. The burden that was placed on my mother’s shoulders is one that nobody should have to carry alone. If my dad had had life insurance, it would have taken away the constant financial worry.
Most of us take more time planning our vacations than our financial futures. That’s why we decided that a quick chat with a top financial advisor might do us all some good. We spoke with Sarah Kaelberer, CFP, ChFC, who is a partner and President of Business & Estate Advisers Inc. in the Minneapolis area. She led us through some common misconceptions about life insurance and who actually has an “estate.”
What do most Americans not know about life insurance?
Anthony Anderson: That it’s an investment in the future of their family. If something happens to the head of the household, that family falls apart. But if they have life insurance, that family can stay together and continue with their lifestyle. I think that’s a misconception we need to clear up for people who really don’t know.