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Critical Illness Insurance Costs and Benefits

If you suddenly get a critical illness, you might not be prepared to cover out-of-pocket medical costs. Luckily, a critical illness insurance plan can help. This policy type is designed to help provide coverage for critical illnesses. Let’s dive deeper into what critical illness insurance is, what it can cost, and why it may be beneficial in your situation.

How critical illness insurance works

Put simply, critical illness insurance is a supplemental insurance plan that pays a lump sum cash benefit if you get diagnosed with a covered critical illness. The payout can help you pay for costs like expensive treatments and everyday expenses while you recover. While each policy is unique, many come with lump sum payments like $25,000 or $50,000.1

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Critical illness insurance cost

The cost of critical illness insurance typically increases with age. Here’s what you might pay for critical illness coverage benefits per $5,000 of coverage:1

Age Monthly cost per $5,000 of coverage
25 $1.56
30 $1.64
35 $1.72
40 $2.47
45 $2.96
50 $3.88
55 $5.88
60 $8.56
65 $12.47

Benefits of critical illness insurance

Here are some advantages of investing in a critical illness policy:2

Coverage is affordable

Compared to the cost of health insurance, a critical illness insurance plan is usually affordable. This means that you can supplement your current health insurance plan without paying too much in premiums.

You can use the benefits for any expenses

The payout from a critical illness plan is flexible. You can use it to help cover medical costs as well as non-medical expenses, like mortgage payments and childcare.

Get financial protection

With a critical illness plan, you can help protect your family financially in the event you’re diagnosed with a critical illness. You’ll find it easier to help cover your expenses as you undergo treatment.

Is critical illness insurance worth the cost?

Since critical illness insurance comes with reasonable premiums, many people find it to be worthwhile. If you have health insurance with high out-of-pocket costs or lack sufficient savings to pay for unexpected medical bills, critical illness insurance can give you some peace of mind. To determine whether critical illness insurance is worth it, think about your finances and how they would be affected if you receive a diagnosis.

Get a critical illness insurance quote

Anyone can get diagnosed with a critical illness, like a heart attack or stroke. If you happen to be one of those people, a critical illness policy could be a real lifesaver. You could use it to help cover a number of medical and non-medical expenses so you can focus on recovery and healing.

Aflac is pleased to offer critical illness insurance with affordable premiums and direct payouts you can use for virtually any expense. For a quote or more information, don’t hesitate to contact an Aflac agent today.

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