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Critical illness insurance broker
Questions to ask critical illness insurance brokers
- How much will this policy pay?
- What is the premium (cost)?
- Are rates level or will they increase?
- Is there a discount for non-smokers?
- Do men and women pay equal amounts?
- Is a cancer-only option available?
- Does the policy terminate at a specified age?
- Are there any health requirements?
- Can I pay monthly?
- Are there any added fees or costs?
Why ask critical illness insurance brokers these questions
The Association is pleased to see more insurance agents and brokers offering this important protection. Our goal is to see you get the best protection for the best cost.
Asking the questions to your agent or broker is important. You should also consider getting comparison benefit and costs. Today insurers are providing this information directly online.
Make sure you consider various benefit levels. Don’t overbuy coverage. The average critical illness insurance buyer data finds buyers select between $10,000 and $25,000 of coverage.
Insurance agents and brokers are paid a commission. Typically, the commission is highest for the first year and then drops significantly.
Don’t want to buy more coverage than you can afford. Buy what’s right for you not just now but with the future in mind. Good critical illness insurance brokers make you and your financial situation their priority.
How to get the best coverage for the best cost
Compare at least two options. When an insurance company charges smokers and non-smokers the same, then non-smokers are subsiding smokers who have a higher risk. If men and women are paying the same for equal coverage, one is subsiding the other. That’s because risks vary.
A policy that offers a cancer-only option will likely be much less expensive to buy. For many men and women, cancer is the risk feared most. Look for an insurer that offers both options within a single policy.
When the policy coverage terminates matters. Some policies will cover you into your 90s. That can be great but they will be more costly. A policy that ends at a set age, say 65 or 70, will be less costly. And, you may only want coverage until you are retired and receiving Social Security and Medicare benefits.
Valuable reading to help to get the best choices
The Association has posted valuable information that can help you make better choices.
Read tips to compare employer critical illness insurance offered through your company. We provide a list of factors to compare.
Use this page to help gauge how much critical illness insurance do I need? If you are looking for the short answer, Jesse Slome, director of the Association recommends the following.
“Consider coverage equal to the cost of rent or mortgage payments for between six to 18 months. For the vast majority of people that amount will be both sufficient and affordable.”
Find brokers for Medicare Supplement and Long-Term Care Insurance
Find a Medicare insurance agent near me. Use the free online directory hosted by the American Association for Medicare Supplement Insurance.
Request long term care insurance quotes from top LTC insurance specialists. Call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the American Association for Long-Term Care Insurance website.
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