Is Critical Illness Insurance Worth The Cost?
What are the most common critical illnesses a policy will pay for?
There are many critical illness insurance policies. They typically pay a lump-sum cash benefit when you are diagnosed with:
- heart attack
- end-stage renal failure
- major organ transplant
- severe burns
- permanent paralysis
It's always important to compare,even AFLAC critical illness insurance
Worth the cost? What would happen if you are diagnosed ...
What would happen if you were diagnosed with cancer? How would it impact you and your family?
If you are diagnosed tomorrow (or 24 months from now) what would be the impact of a heart attack or a stroke?
Here’s the good news: Thanks to medical advances and great emergency care, you are very likely to survive. Cancer, heart attack and strokes happen every day. Because of great doctors and great medications most people do not die.
But there’s bad news: You will face costs that are not covered by even the best health insurance. And, you will take time off from work for treatments and to recover.
Married couples face a hidden impact. If you are diagnosed with cancer, you will take time off for treatment and recovery. So will your spouse or partner. How would two missing pay checks impact your finances?
Worth the cost? See what $10,000 of benefit costs.
How many months of rent or mortgage can you pay while you take time off for cancer treatments and recovery time?
Would a check for $10,000 or $15,000 help you focus on recovering without worrying about paying bills?
Cancer-only insurance is the least-costly form of critical illness insurance protection. You can use the Instant Cost Calculator on this webpage. You can see what $10,000 of coverage will cost from a quality insurer.
A comprehensive critical illness insurance policy will cover multiple conditions. Because it can pay for 10 or more conditions, it will likely cost between three (3) and four (4) times as much.
But why not see for yourself. Click the link on the ADVERTISEMENT to get an actual quote directly from an insurance company.
How do I compare critical illness insurance policies?
If your employer offers critical illness insurance, here’s how to compare.
Compare Online. A few leading insurers now offer the ability to get instant quotes online. Almost all of these allow you to apply online. In 10 minutes (or less) you may be able to get costs, apply and be insured.
Find A Critical Illness Insurance Agent. Many insurance agents who sell life insurance or health insurance can also sell you critical illness insurance. You can ask your agent for cost comparisons and quotes.
Read the Association’s tips for comparing critical illness insurance policies. Click the link.
Read this if you don't use tobacco products.
The Cost Calculator on this webpage shows the difference between what a smoker pays and what a non-smoker pays.
Individuals who use tobacco products are more likely to get cancer. Because smokers get cancer more often they should pay more for insurance.
Therefore, does it matter when a critical illness insurance company charges the same to both smokers and non-smokers? It may.
Because equal rates make applying easier, some companies offer them.
If saving money is important, non-smokers should always see if a non-smoker rate is offered. There could be significant savings.
Are employer-offered plans a better deal?
Critical illness insurance today is often offered through your employee benefits package. Here’s what you should compare:
- Are there both cancer-only and comprehensive critical illness options?
- Is cancer covered at 100%?
- What is the annual rate?
- Are there any additional fees?
- Do non-smokers pay the same as smokers?
- If men and women pay the same (for the same age)?
- Are premiums level or will they increase as you age?
- When you leave the company, can you continue the coverage?
- Does the policy terminate at a certain age?
- Can spouses or partners be covered?
How do I get the best critical illness insurance quotes?
If your employer offers critical illness insurance, compare what’s covered. Also compare costs.
See quick examples of costs for both cancer-only and comprehensive critical illness insurance. Click the link.
Worth The Cost? What's my next step?
Because you’ve read this far, here’s our honest answer. We believe a small amount of cancer-only or critical illness insurance is worth the cost.
By small amount, we suggest an amount equal to between six (6) and 18 months of rent or mortgage payments. Imagine the peace of mind you’ll have knowing this cost will be covered.
What if I never have need the insurance. Consider yourself lucky.
If you have car insurance, you don’t hope to have an accident just to collect from the insurance company.
Let’s hope you never have cancer. Or that you never have a heart attack or stroke. Never need an organ transplant.
We also hope that you live a long, long life and never need your critical illness insurance.
But, if you ever need it, you will be so very glad you took the time to get covered.
Resources for older consumers
On the positive side.
For one thing.
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