What Does Critical Illness Insurance Cover?
Your policy will cover you for a lengthy list of recognized medical issues. The list can vary based on your insurer. Here are the generally accepted conditions that are covered:
- Heart attack
- Artery by-pass or open-heart surgery
- End-stage kidney failure
- End-stage lung disease
- End-stage liver failure
- Major Burns
- Major organ or bone marrow transplant
- Multiple Sclerosis
- Muscular Dystrophy
- Parkinson’s Disease
- Alzheimer’s Disease
- Severe Dementia
- Primary Pulmonary Hypertension
- Benign Brain Tumour
- Terminal Illness
There may be terms and conditions for what is paid out and what is not. For example, a minor heart attack may not qualify, but a major heart attack does. Speak with your insurer for clarification, terms, and conditions.
Other Support Services
Finances are only one of the many things you need to think about when diagnosed with an illness. You should also consider medical help and other forms of support to help you in your time of need. Critical illness policies provide you with these other types of support. Depending on your plan type, it can include :
- Access to top medical specialists
- Family support services
- Legal consultations
- Wellness advice
When Should I Buy Critical Illness Insurance?
There is never an inconvenient time to buy it. As you age, your premiums will increase. So, the sooner you buy a plan, the less you will pay in premiums.
How much will fees change over time?
Healthy individuals 40 and under can pay $10 or less per month. For those 50 and under it is about $25 or less per month. Those over 60 can pay more than $50 per month. There is a significant difference in premiums. Your rates will increase each year.
How Much Does Critical Illness Insurance Cost?
Yearly premiums can vary greatly based on your age and many other factors. You could pay as little as $100 to $1000 annually. The older you are, the higher the premiums. Here are some of the main factors:
Age and gender: Costs go up as you age.
Your current health: Do you have pre-existing conditions?
Policy length: Is the policy valid for 10 years, more?
Coverage limits: Do you set your limits at $50,000, $100,000, or more?
Add-ons: Did you add riders to expand the scope of your policy?