The GoFundMe option; is it a replacement for insurance?

When was the last time you saw a heart wrenching Facebook post from someone in need of money due to an illness, death or accident?  Chances are you’ve seen these Facebook posts quite often.  Asking money from total strangers is sometimes the only option someone may have at the time.  No doubt it’s a hard decision to make, but there are solutions to protecting yourself and your family from the unexpected illness or injury.

What is Crowdfunding?

“Crowdfunding is when businesses, organizations or individuals fund a project or venture with small donations from many people. By receiving the necessary boost to cash flow, these ventures can get off the ground or launch new projects. Most of these campaigns happen via internet platforms, have set time frames for when money can be raised and disclose specific monetary goals.” Business News Daily

$9,237.55 is the average amount a nonprofit crowdfunding campaign raises. $568 is the average amount individuals raise through crowdfunding. An average of 8 people donate to an individual crowdfunding campaign. The average donation size to a crowdfunding campaign is $66.

In layman’s terms, Crowdfunding is often thought of as the “GoFundMe page” to help those in need.  To many people and families that have fallen on hard times, had an unexpected illness, sudden death or other serious financial trauma, people are forced to ask strangers for help.

Many of us have been to a convenient store or community hangouts and seen the mason jars asking for money to help someone in the community.  Yes, we want to help.  Our hearts go out to our neighbors. We are compelled to take care of those that are in need.  But the chances that these collection jars will fill the financial need for the one asking for help is very slim and if not impossible.

What are the alternatives to using GoFundMe?

Is there a better way for someone to take care of the unexpected tragedy?  Are there alternatives to providing for an unforeseen illness or accident?  How can I pay for these terrible times without asking others, even complete strangers, for help?  If you, your spouse or child were to become seriously ill or critically injured in an accident, wouldn’t you want to be able to afford the best treatment options available? Yes, there is a better way than GofundMe or the Mason Jar at the gas station.  Let’s look at a few ways that you can prepare for the unexpected illness or injury and not seek the goodwill of strangers to help you. 

Critical Illness Insurance – focus on recovery, not finances!

When faced with a critical illness, you’ll have enough on your mind.  Critical Illness Insurance gives you the freedom to focus on your recovery, not your finances.

• A critical illness – heart attack, cancer, stroke – can strike anyone
• Most will survive, even thrive, thanks to modern medicine
• CI pays a lump-sum benefit at first diagnosis of a covered illness or procedure
• Lump-sum benefit may be used for anything – mortgage, deductibles, co-pays, child care, or to replace lost wages
• Would a benefit amount of $5,000 to $500,000 help relieve your financial stress during a difficult time?

Accidental Death and Disability Insurance, how can this help?

Accidental death in America is the leading cause of death in the nation for people between 1 and 41 years of age.  Disability is one of the toughest things someone may have to go through. The inability to earn a paycheck because your injured due to an accident can destroy your financial plans and goals. The accidental death or disability of a loved one can cause irreparable financial damage. Without funds to pay bills, many families are left in financial ruin. How can you fill the gap? Accidental Death and Disability Insurance can fill it.

• Affordable option for life coverage with young adults
• Alternative for people that are uninsurable life and DI insurance
• Up to $350,000 in death benefits

Help, I can’t afford my insurance coverage; my Major Medical Health Insurance Deductible is HIGH!

“I have health insurance on the Marketplace but my deductible is extremely high? I need help to pay for my deductible.” I hear this all the time as my clients seek advice and help with their health insurance.

I’ve seen deductibles in excess of $10,000. This is unaffordable for many people. But with the addition of a Critical Illness or an Accident policy, the deductible can be paid by using these types of supplemental insurance policies.

Accident Medical Expense policies can give you the coverage you need to pay the high out-of-pocket medical bills following an accident. Sickness Hospitalization riders can even pay toward your high deductible if you’re admitted to a hospital for a sickness,. This rider will pay a lumpsum benefit for the first day of covered hospital admission.

There are options we can help you with

Solutions to the GoFundMe option are available today.  Call me today to discuss how insurance can fill the gap that can be created by the unexpected tragedy, sickness or injury.

Rodney Stewart, Agency Owner  910-891-7081

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