Critical Illness Insurance Rates

Critical illness insurance is a type of supplemental coverage that pays a lump sum benefit if you are diagnosed with a covered illness, such as heart attacks, strokes, and cancer. Critical illness insurance can help you pay for costs not covered by health insurance, such as deductibles and out-of-pocket costs. You can also use the funds for travel expenses and your regular bills.

When you buy an individual critical illness insurance policy, you enter into a contractual agreement with the insurance company. In exchange for the premium amount you pay each month to keep your policy in-force, your insurance company agrees to pay you, the policyholder, a one-time lump-sum benefit if you experience a covered critical illness. The benefit you receive from your critical illness insurance policy is money to use however you want in your time of need.

You should consider getting critical illness insurance as early as possible. Life can change for anybody. You may not be able to prevent the worst from happening. But you can minimize the financial impact by insuring your health, your income, and your life. If group CII is not available to you, you can buy an individual policy from a number of insurance companies that offer health, disability, and/or life insurance. Several life insurance policies offer critical illness coverage as an optional rider.

The primary benefit of an individual critical illness insurance policy is that it can be better customized to meet your personal needs. If you do not have access to group coverage through your employer, an affordable individual policy can be purchased on your own. Putting an individual critical illness insurance policy in place may be a worthwhile investment if you have a high-deductible health insurance plan or do not have sufficient emergency savings.

Critical illness insurance covers diagnoses including heart attack, invasive and non-invasive cancer, stroke, coronary artery bypass surgery, angioplasty, kidney failure, major organ transplants, advanced Alzheimer's disease, and coma. If you experience one of these qualifying conditions, submit a claim for benefits and it will trigger a lump-sum payout once you are approved.

The cost of purchasing an individual critical illness insurance policy is most likely less than you think. Critical illness insurance rates are based on your age, gender, where you live, and overall health history. The younger and healthier you are, the lower affordable your monthly premiums will be. To check your rate, get a critical illness insurance quote with Breeze.

How much critical illness insurance coverage you need depends on the quality of your health insurance coverage and the amount of emergency fund savings you have. Typically, we recommend an individual critical illness insurance policy with a benefit amount that will at least be enough to cover your health insurance deductible. If possible, you will also want to use what's leftover to cover living expenses, travel and stay, lost income, and mortgage payments.

Every person's situation is unique. Ask yourself: Would I have a hard time paying my health insurance deductibles and copays if I was diagnosed with a critical illness, such as cancer or heart disease? If so, then the answer is probably yes. No one should go without comprehensive health insurance. It provides essential protection for your health and your financial security. However, a serious illness can still cause financial hardship even for individuals with good health insurance plans. That's where critical illness insurance can help.