Critical Illness and Living Benefits

Financial Consultant and Insurance Professional

Cinitia Pedone











By Cintia Pedone -Author

CEO – Financial Consultant & Insurance Professional

How did this happen?

Ladies, my journey in financial services stemmed from my experience in nursing. Patients suffering a critical Illness would confide in me, expressing their emotional and financial issues. Some of these stories were so devastating they brought tears to my eyes. I wondered, why didn’t health insurance cover these costs? Why didn’t the majority of our community have an emergency savings plan in case? Sadly, many of these patients did have health insurance and savings, but they just weren’t enough. The lost wages & and out–of-pocket expenses were between four and six figures. By divine intervention I got into insurance, then financial consulting and now I can offer solutions to life’s financial challenges. I love helping people and I hope that this article will inspire you to make the necessary changes to prepare yourself for even the worst situations because our lives matter.

Did you know:

48% of mortgage foreclosures are the result of financial hardship due to critical Illness (only 3% due to death).

48% of businesses that fail, do so because of a critical illness.

62% of bankruptcies are due to a critical illness. Of those bankruptcies, 75% had health insurance.

From 1990 to 2008, spending on cancer care soared from 27 billion to more than $90 billion.

One in four cancer patients or their families said they used all or most of their savings to pay for treatment.

One in eight people with advanced cancer turned down recommended care because of cost.

Economic Impact of Cancer & Heart Disease:

One of the major costs of cancer is treatment, but lack of health insurance and other barriers to health care prevent many Americans from accessing even basic health-care.

Every 30 seconds a new cancer case is diagnosed in America. 5According to Cancer Facts & Figures 2014, “Uninsured patients and those from ethnic minorities are substantially more likely to be diagnosed with cancer at a later stage, when treatment can be more extensive and more costly.”

Every 26 seconds someone in America suffers a heart attack.

In heart attack cases 45% of victims are under the age of 45.

Every 40 seconds, someone suffers a stroke.

Three out of four people over the age of 40 will experience a critical illness at some point in their future.

What is a critical illness?

A critical illness is categorized as heart attack, strokes, cancer, ALS, or major organ transplant. The statistics mentioned above highlight a major financial issue that has been predominately affecting the African American and Latino communities.

Q: What do we need when we face this type of medical illness?

A: Money of course. The inability to work and pay our living expenses and medical costs make it difficult to stay afloat. The bank holding our mortgages doesn’t care. Even a 6 month emergency fund isn’t going to cover your monthly expenses, replace your income, and pay the out-of-pocket medical bills after your health insurance pays out. These costs can run into the thousands or hundreds of thousands for cancer treatment and palliative care.

Q: Where do we get the money?

A: Living Benefits Life Insurance:

Yes, I said life insurance with living benefits. This is a relatively new feature that has helped many households save hundreds of thousands of dollars.

What are living benefits?

A true living benefits policy allows you to accelerate a portion of your death benefits while you are alive and facing a qualifying medical illness. The majority of people who suffer a critical illness do not die right away, some people can live for years after diagnosis. However, the financial ramifications are devastating.

How do living benefits work? A living benefits policy lets you accelerate a portion of the death benefit/face amount if you suffer a critical, chronic or terminal illness. Critical and terminal Illness pays out in the form of a lump sum while chronic illness pays out monthly for a period of up to 50 months for National Life Group. Every state has its own waiting period from the time you own the policy until the time you can use the chronic benefit, but it’s usually 90 days. This is money you do not have to pay back, it just reduces the death benefit/face amount of your policy. Talk to your financial professional about how a policy like this could help you.

What companies offer living benefits life insurance? The current leading companies that offer living benefits (starting from the best in terms of access and amounts) are: National Life Group/ Life of the South West (LSW), American National and TransAmerica. Of course due to competition more companies will soon offer living benefits. To be safe, you should update your policy now.

Why haven’t I heard about this? You might not have heard about this considering that only a handful of companies offer the benefit in their life insurance policies, and there are few representatives that have the power to offer them to their clients. This is why my mission is to get the word out and educate as many women and families as I can. As a minority community we need to be more educated on the latest financial solutions available to us, and we must also take action to add these benefits to our financial plans. What is more important than protecting our families, our nest egg, and our businesses? Our lives matter!

How can I get living benefits? Currently there are representatives from our company in the PA, NY, MD, VA, GA, and CA areas to service you and your families need. You can simply submit a request to or call 1-301-300-4091 with the subject line “ I need Living Benefits”. We will be happy to meet with you.

By: Cintia Pedone Financial Professional

CEO & Founder of Cintia Diamond Consulting LLC



1. “Cancer Facts & the War on Cancer”. LIMRA. 2007.

2. American Heart Association “Heart Disease and Stroke Statistics.”, 2010.

3. American Heart Association. “Hearth Disease and Stroke Statistics.” LIMRA. 2007.

4. American Heart Association. “Heart Disease and Stoke Statistics.” 2007.

5. Center for Disease Control, 2009.

6. Cost of Care Maps Genworth 2010 Cost of Care Survey- 2010

7.  Get Sick, Get Out: The Medical Causes of Home Foreclosures” Health Matrix, 2009.

8. Critical Illness Insurance 101 by mark Goldstein,

9. The American Journal of Medicine, 2009

10. USA Today, 3/18/2010 and 10/31/2008

11. “America’s ‘Love-Hate’ Relationship with Life Insurance” LIMRA International. 2006.

Previous articleWendy Nguyen is a Driving Force in the Accounting Industry
Next articleYour Stylish Ways – Check us out on eBay
Over 33 years of media documenting the success of African-American women.


Please enter your comment!
Please enter your name here