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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.
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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The cost of critical illness insurance typically increases with age. Here’s an example of what you might pay for critical illness coverage benefits per $5,000 of coverage:2
| 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 |
Here are some advantages of investing in a critical illness policy:3
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.
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.
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.
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 help pay for unexpected medical bills, critical illness insurance can give you some added 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.
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.
1 Forbes - Critical Illness Insurance: What Is It And How Does it Work? Updated June 11, 2024. https://www.forbes.com/advisor/health-insurance/critical-illness-insurance/. Accessed October 18, 2024.
2 ADA Insurance Plans - ADA Critical Illness Insurance Plan. https://ada.protective.com/Upload/Article/ADA-Insurance-Plans-Critical-Illness-Rate-Chart.pdf. Accessed October 18, 2024.
3 Investopedia - Critical Illness Insurance: What Is It? Who Needs It? Updated September 20, 2024. https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp. Accessed October 18, 2024.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Critical Illness/Specified Health Event, A74000 series: In Delaware, Policies A74100DE, A74200DE, A74300DE. In Idaho, Policies A74100ID, A74200ID, A74300ID. In Oklahoma, Policies A74100OK, A74200OK, A74300OK. In Virginia, Policies A74100VA, A74200VA, A74300VA. A73000 series: In Delaware, Policies A73100DE & A7310HDE. In Idaho, Policies A73100ID & A7310HID. In Oklahoma, Policies A73100OK & A7310HOK. In Virginia, Policy A73100VA & A7310HVA. B71000 series: In Delaware, Policies B71100, B71200, B7130H & B7140H. In Oklahoma, Policies B71100OK & B7110HOK.
Tier One Critical Illness coverage is underwritten by Tier One Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
Critical Illness: In Delaware, Policy T71000. In Oklahoma, Policy T71000OK. In Virginia, Policy T71100VA.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Z2301345R1
EXP 11/25
