Critical Illness Insurance Rates
Compare companies offering online rates
Insurance companies are increasingly offering instant access to online pricing. Some will let you apply for coverage online.
This may indeed be your most affordable option. Typically the insurance company will limit your coverage. The maximum available benefit usually is $50,000.
There are three benefits of online rate comparison. First, you may find a lower cost. Second, you probably can see multiple options at one time. Finally, these plans typically offer fewer health questions. They make it easy for you to see costs and to apply instantly if you like what you see.
Look at both cancer-only and full critical illness options
In your 40s, 50s and 60s cancer is the greatest risk you face. Heart attacks and strokes tend to happen at older ages.
That’s why we recommend looking at two options. First, a cancer-only insurance policy. This will pay an immediate cash payment if you are diagnosed with cancer.
Compare that cost to a full critical illness insurance policy. This will pay benefits if you are diagnosed with cancer, have a heart attack or stroke. Most plans include additional illnesses.
Both are important and valuable. But when costs are a concern (when are they NOT a concern) a cancer-only policy may be your choice.
Look at both options. Then decide what’s best for your budget, your concerns and your needs. You can find more cancer statistics and data on our website.
Non-smokers don't benefit from uni-tobacco rates
Bad drivers pay more for car insurance. Smokers pay more for life insurance.
But when it comes to critical illness insurance, some companies charge smokers and non-smokers the same. Even though they have very different risks of major illnesses like cancer and heart attacks.
Some companies charge ‘uni-tobacco’ rates. Non smokers (tobacco product users) subsidize the cost of those who smoke.
Other insurance companies charge different rates offering cheaper rates to those who do not smoke or use tobacco products. By the way, don’t lie because it could invalidate your policy when you file a claim.
But it is definitely worthwhile comparing critical illness insurance rates if you have not used tobacco products ever (or in the past 12 months).
Ending coverage at age 70 can save you money
The older you are the greater the risk of a cancer diagnosis, a heart attack or stroke. You know that. So does the insurance company.
That’s why companies generally have two options when setting critical illness insurance rates. It’s important to think about this when you are shopping for coverage.
For the greatest savings, look for coverage that ends when you turn 70. Actually anytime between 65 and 75). After age 70, you may no longer need critical illness insurance. You’ll have Medicare benefits and Social Security plus your retirement savings and assets.
But, if you think you want coverage that lasts longer, then consider coverage that lasts beyond age 70. You’ll definitely pay more for coverage. But the chances of using your benefits will be significant.
Look for pricing based on male versus female risk factors
Breast cancer mostly impacts women. Prostate cancer is a male disease. Men and women have different health risks.
Women and men get various diseases at different ages. For example, breast cancer affects women at younger ages.
Once again, some insurance companies set their rates equally. Others use sex-distinct pricing. This could save you money on your critical illness insurance.
Cancer insurance is generally less costly for men under age 55. After that they may pay more than a woman for equal coverage.
Critical illness insurance is typically cheaper for women than men (at almost all ages for plans that terminate coverage at age 70 or 75).
Read more tips on the average cost for critical illness insurance and tips if your employer offers coverage.
Read Our Healthy Helps column. We post summaries of the most relevant scientific health discoveries regarding cancer, heart attack and stroke treatment. You can read them all on the Association’s Facebook page. Like or Follow Us to get alerts of new posts.
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