Ways to save on critical illness insurance
Here are 10 ways to save on the cost of critical illness insurance.
- Consider cancer-only coverage.
- Select a lower benefit amount.
- Capitalize on non-tobacco user rates.
- Compare an employer-offered plan.
- Buy directly from an insurance company.
- Avoid added fees.
- Don’t pay monthly processing fees.
- Start before age 50.
- Apply 90 days before your birthday.
- Look for a policy that ends at age 70 or 75.
Consider a cancer-only insurance policy
One of the best ways to save is to purchase a cancer-only insurance policy. Typically, these policies cost about a third of what a comprehensive critical illness insurance policy.
Cancer accounts for the majority of critical illness insurance claims. It is the biggest risk women in their 40s and 50s face. For men, cancer is also a real risk.
Use the Cost Calculator on this page to get really good cost estimates for a $10,000 cancer-only insurance policy. You might be surprised at how affordable this valuable protection can be.
See actual costs for both cancer-only AND critical illness insurance directly from an insurance company. These policies are exclusively available via the Association’s website.
Click the FREE QUOTE banner on the Advertisement to get quotes.
Select a lower benefit amount
Cancer and critical illness insurance policies offer various benefit levels. In some cases you can buy $100,000 or more of potential benefit.
But this isn’t the lottery. Most people will benefit from a reasonable amount of coverage. The Association recommends an amount that equals between six (6) and 18 months of rent or mortgage payments. That generally will cover expenses for the time you need to undergo treatment and recover.
Our approach is one should buy critical illness insurance protection so you can focus on recovery without worrying about a mounting pile of past due bills.
Avoid added fees
One of the important ways to save money is by avoiding added fees. These include one-time policy fees. A company may charge a monthly processing fee or a higher rate if you prefer to pay monthly instead of annually.
Non-tobacco users should not subsidize smokers
Insurance companies have two options. They can charge smokers and non-smokers the same. When they do, non-smokers are basically subsidizing smokers who have a higher rate of cancer, heart attack or stroke.
If you do not smoke or use tobacco products, you should compare policies that charge non-smokers less. The savings over time can be quite substantial.
Educating yourself is one of the best ways to save
Here are some tips for consumers considering this important protection.
See the latest critical illness insurance statistics. How much coverage do people buy? What are the leading reasons for claims?
Read tips to help you compare employer critical illness insurance policies with those you can buy directly.
Watch our most relevant critical illness insurance videos.
Additional resources from other consumer-focused organizations
Better cardiovascular health in midlife can reduce dementia risk later in life.
Adults with the healthiest sleep patterns had a 42 percent lower risk of heart failure.