Should you buy critical illness insurance?

“You can even use the money to pay off bills and buy food—you decide how to spend it.” On one hand, critical illness insurance can help cover medical expenses for patients with high-deductible health insurance plans. The insurance can also help cover mortgage and rent payments.

What does critical illness insurance cover?

Critical illness insurance can help fund the bills that life-threatening illnesses like heart attack, stroke, or cancer can incur. At your discretion, the benefit from a critical illness policy can cover anything from medical expenses not covered by a healthcare policy to household bills for utilities, rent or mortgage payment, or grocery bills.

How much does critical illness insurance cost?

For a 30-year-old individual, a policy will cost around $16.40 per month for $50,000 of critical illness coverage. However, the cost of a policy can vary depending on the provider you choose, where you live, your age, and your health.