How Much Is Insurance For A 15 Year Old Boy The Top 15 Ways to Save Money on Critical Illness Insurance

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The Top 15 Ways to Save Money on Critical Illness Insurance

While life insurance pays out a sum of money to your beneficiaries if you die, critical illness insurance pays out when you are diagnosed with one of the major illnesses listed in the policy. Death is not a condition for payment of the benefit, which is why it is called a “lifetime benefit”.

Some critical illness insurance policies cover three or four conditions, but others cover around 30. The conditions covered vary between carriers and policies. Some of the conditions that critical illness insurance typically covers may include, but are not limited to: stroke, cancer, severe burns, heart attack, major organ failure, Alzheimer’s disease, aortic surgery, limb loss, aplastic anemia, bacterial meningitis, benign tumor brain damage, blindness, coma, coronary artery bypass surgery, paralysis, deafness, heart valve replacement, loss of speech, kidney failure, motor neuron disease, loss of independence, major organ transplant, MS, occupational HIV infection and Parkinson’s disease.

Here are some ways you can save money on your critical illness insurance premium:

  1. Choose the policy that is best for your risk factors: In most cases, the more conditions covered, the more expensive the policy. If cancer is a risk factor due to a family health history, for example, you may be better off with a policy that covers cancer, heart attack and stroke than a policy that covers 15 or more diseases, most of which may be of low risk to you.

  2. Some policies will exclude certain conditions, such as vision loss. Weigh the pros and cons of exclusions carefully, but understand that the lower the risk you pose to the insurer, the lower your premium.

  3. Did you know that insurers round your age up or down depending on when you apply for the policy? If your birthday is near the end of the year, buy the policy in the first six months of the year to take advantage of rounding years.

  4. Some policies have additional benefits and riders, such as a premium rider waiver or a sick child rider. Go without drivers that don’t apply to you to save money on your premium.

  5. Do you have mortgage insurance that includes critical illness insurance? Talk to a broker to see if forgoing mortgage insurance makes sense for you. You may have adequate cover for mortgage risk if you have both individual and work-through policies. If there’s enough overlap, you can simplify your policies so you can pay less but still have the coverage you need. Caution! Never cancel your insurance policy before you know if you have the right coverage active.

  6. It costs your insurer time and money to process monthly payments. They reward you with lower premiums if you can pay the annual lump sum.

  7. You can pay for some policies to be out of date, giving you the opportunity to get into a more favorable rate and age bracket. This will cost you more upfront, but can save you money in the long run, especially if you have a long-term policy.

  8. Choose between term and permanent insurance. Permanent is more expensive at first, but very affordable if you buy it while you are young and in good health. Annual insurance is renewed at a higher rate. If you’re looking for long-term protection, choose wisely. You don’t want your term policy to end at an age when it will be too expensive to renew.

  9. Your employer’s benefits package may include critical illness insurance. If the amount of coverage your employer provides makes sense to you, that’s great! You have the coverage you need.

  10. You can get a simplified or guaranteed critical illness policy that allows you to skip a medical, but you pay more for the privilege. A fully insured policy that includes a medical examination is cheaper. If you’re in good health, skip the medical policy ban and make time to see a doctor or nurse.

  11. Bundle up! If you’re in the market for several different types of policies, such as disability and life insurance along with critical illness insurance, your insurer may have a bundle discount. Don’t be shy to ask if this is the case.

  12. Want a money back guarantee? Some policies come with, or allow you to purchase, a return of premium rider that provides a full or partial refund of your unused premiums. There is often a charge for this, but the extra money can more than make up for the return on premium years later.

  13. Consider getting a life insurance policy that has a critical illness fund advance. This can be cheaper than buying two separate policies, but be aware that progression affects your life insurance benefit.

  14. Smokers always pay more – sometimes twice as much as non-smokers. This is just another good reason to give up a bad habit!

  15. Talk to a broker. Unlike an agent who only works for one company, or a bank that only sells their brand of policy, brokers have access to all the products on the market and will compare them for you. Brokers are like matchmakers. They review all your options and match you with the best one for your needs. Some brokers even get discounts that are not available to the public, so they can give you the best rate.

Age is a driving factor in the development of critical diseases and no one can avoid the aging process. That’s why critical illness insurance is just as important as life insurance. We hope these tips motivate you to talk to a broker and save money on this type of policy. Contact a broker today and get the protection you need.

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