Critical illness insurance may provide a lump-sum benefit after diagnosis of certain covered serious illnesses, helping with expenses during treatment and recovery.
Disclaimer: Rates shown are sample premiums for general comparison purposes only. Actual costs vary by age, sex where permitted, health, smoking status, coverage amount, covered conditions, state, insurer and underwriting.
What Can Affect Critical Illness Insurance Costs?
Age
Premiums generally increase as the applicant gets older.
Health
Medical history and current health can affect eligibility and pricing.
Smoking
Tobacco use can increase the cost of critical illness coverage.
Coverage Amount
Larger lump-sum benefits generally result in higher premiums.
Conditions Covered
Policies covering more illnesses may cost more.
Underwriting
Insurers use different underwriting rules to determine eligibility and rates.
Who May Consider Critical Illness Insurance?
Critical illness insurance may be worth considering if you want extra financial protection beyond standard health insurance.
Common Reasons
Concern about cancer, heart attack or stroke
Protecting household income
Covering deductibles and medical bills
Paying for travel or treatment-related expenses
Supplementing employer coverage
Protecting savings
Helping with recovery-related costs
Benefits and Things to Consider
Benefits
Lump-sum cash benefit
Flexible use of funds
Can supplement health insurance
Multiple coverage amounts may be available
Can help with non-medical expenses
Things to Consider
Only specified illnesses are covered
Policy definitions can be strict
Waiting periods may apply
Pre-existing conditions may be excluded
Benefit amounts are limited by the policy
Critical Illness vs. Other Protection
Critical Illness
Provides a lump-sum benefit following diagnosis of certain covered serious conditions.
