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Do I Need Critical Illness Insurance?

When it comes to supplemental insurance, it’s crucial to understand all your options. One insurance plan may be better suited for your needs than another. At Aflac, we aim to provide you with resources to help clarify your decision.

Critical illness insurance is a supplemental policy that can help you cover expenses in case you suffer a serious illness. Read on to learn how critical illness insurance works so you can decide whether you may need this type of plan.

What does critical illness insurance cover?

Before deciding if you need critical illness insurance, you must understand what it is and what it covers. Critical illness insurance is a type of supplemental plan that provide additional coverage that your primary medical insurance plan may not cover if a life-changing health event happens.

Some common life-threatening illnesses critical illness plans cover include heart attacks, strokes, and comas. The specific diseases covered depend on the insurance company you choose to work with and their policy options, as well as state regulations. This is why it's essential to examine the details of each insurance plan closely to decide which policy fits your needs.

How much critical illness insurance do I need?

After deciding if you should get critical illness insurance, you’ll want to figure out how much support you may need. Luckily, many critical illness insurance plans function similarly and offer some kind of cash benefits. The amount of cash benefits offered varies from plan to plan and may differ depending on the plan options and tier of coverage you choose.

At Aflac, if an unexpected health event occurs, we pay a lump-sum cash payment to policyholders and it can be used for whatever is needed most. This means you can apply the money to help with medications, treatments, or everyday expenses like groceries and rent.

However, the policyholder should buy critical illness insurance before a major health event takes place and some plans have limitations that should be considered. Coverage must be obtained proactively, or you may not be able to receive benefits when you need them most.

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Critical illness insurance cost

The cost of each critical illness plan varies from company to company. At Aflac, most of our supplemental rates are considered affordable and fit into most budgets. We recommend chatting with an agent and getting a quote for a more comprehensive look at costs.

Is critical illness insurance worth it?

For some, critical illness insurance feels necessary. For others, not so much. It depends on your unique circumstances, and it can be helpful to understand your family’s medical history when deciding if critical illness insurance is right for you. Critical illness insurance can be particularly helpful for:

  • People at risk of critical illnesses: If your doctor or health providers warn you that you are at risk of developing a critical illness, it may be best to be proactive in your care.
  • Parents: Aging parents may be more likely to experience a critical illness than other age groups.
  • People who want extra coverage their health insurance plan doesn’t offer: If you know your primary medical plan wouldn’t provide enough support in the event of a life-changing health event, it may be worth investing in critical illness insurance coverage.

How to decide if you need critical illness insurance

One of the most helpful steps you can take is assessing your personal risk for a critical illness. This may look like gaining more information about your family’s medical history or scheduling an appointment with your doctor.

It can also be helpful to closely examine your finances and how a critical illness could impact you and your family. If you feel you have the resources to handle a serious diagnosis, you may not need critical illness insurance. However, critical illness insurance could make all the difference if you feel like you would need more support and stability amidst a life-changing health event.

Get a quote for critical illness insurance today

Now that you have more information, you may be able to decide if you need critical illness insurance. Aflac offers critical illness insurance affordable premiums and extensive coverage, along with other kinds of supplemental coverage. Start chatting with an agent today to learn more about your options and decide whether getting a supplemental policy like critical illness insurance is worth it for you.

Still have questions?

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