When Life Happens, Specialty Insurance Provides Peace of Mind


| 4 min read

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Many take the “it won’t happen to me” approach when it comes to their health, but illnesses and accidents can strike at any time. Specialty insurance can bring peace of mind for the unexpected – especially when it comes to future preparedness and financial stability. When a significant medical diagnosis occurs accompanied with medical bills, specialty insurance can help keep those immediately affected financially stable and provide an added layer of comfort in knowing that day-to-day life will be manageable. This is especially important considering that studies show one in every five Americans are struggling to make ends meet, and that’s even before experiencing a medical emergency. Specialty insurance can go beyond what regular medical insurance offers. The added coverage can help with the cost of personal debts, medical bills and living expenses, which allows a person to focus on their recovery, not finances. Each specialty insurance option provides tailored coverage to fit specific needs and creates a holistic insurance plan that better prepares individuals and supports them as they tackle unexpected difficulties. Learn more about some situations where a specialty insurance plan can help:

Accident Insurance

No one plans for an accident. Accidents happen unexpectedly and – in addition to potentially long recovery times – can cause mounting medical bills, lost income and an inability to continue financing living expenses, depending on the severity of the accident and the time spent in recovery. Luckily, accident insurance can bring financial peace of mind in case the unthinkable happens.

Critical Illness

Critical illnesses are similar to accidents in that they sometimes have a sudden onset or go undiagnosed for years, contributing to the severity of the condition. Illnesses like cancer, heart attack and stroke are some of the most common setbacks facing Americans today, so much so that each year, one in every four deaths are caused by a heart attack and 12.7 million Americans will discover that they have cancer. With unexpected treatment, hospital stay, medical and out-of-pocket costs associated with critical illness, it is important to be prepared with critical illness insurance to help cover the resulting expenses.

Short-Term & Long-Term Disability

Disabilities are wide-ranging and, if they are severe enough, can displace individuals from work. This loss of income can be detrimental to an individual and their family, especially if they are the sole provider of their household. Depending on the disability and the length of time endured, short-term or long-term disability insurance can help people to rest assured knowing their income will be supplemented and out-of-pocket expenses will be handled.

Life Insurance

The loss of a loved one is unimaginable and can overwhelm a family with funeral expenses and personal debts – the last thing someone wants to be burdened with after a tragic loss. Life insurance can help families be prepared for the associated financial burdens, so less time is spent worrying about expenses and more time can be spent on healing. In 2015, 60 percent of Americans had some type of a life insurance policy and the interest in purchasing supplemental insurance policies appears to be increasing.

Hospital Recovery

Getting older is not always kind to the body – aches and pains can lead to joint replacements and other necessary corrective procedures to keep up with daily life. Unfortunately, these kinds of procedures usually require hospital admittance and stay, which doesn’t come cheap. Hospital recovery insurance reduces a person’s financial stress and leaves more time to focus on recovery. It’s not uncommon to couple a hospital recovery policy with accident or critical illness coverage to provide extra financial security. If you would like to know more about specialty insurance benefits, contact us at SpecialtyBenefits@bcbsm.com. Our team can help create the right coverage portfolio to meet anyone’s sort of unique needs. Photo Credit: Pexels You can find additional resources on specialty insurance in these blog posts:
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