Is critical illness insurance a good idea?

Critical illness insurance can be beneficial if you want an insurance payment above and beyond what a standard medical insurance policy pays. Critical illness insurance usually pays you a lump sum if you’re diagnosed with a critical illness that’s covered by your policy.

How much does critical illness insurance cost?

That would mean you would pay about $8 a month for $25,000 worth of coverage. That same $25,000 policy may cost you $12 per month for a 40-year-old and $19 for a 50-year-old. In most cases, you can expect to pay lower rates for an individual critical illness insurance if you are young and healthy, with no pre-existing conditions.

What is critical illness insurance?

Think of critical illness insurance as a way to bridge the gap between your primary health insurance and out-of-pocket costs. It’s designed to make your recovery easier financially and take care of costs you might incur as a side effect of getting sick. With critical illness insurance, you’ll get a cash payout if you suffer a serious illness.