Getting Critical Illness Cover on the Cheap
Who doesn’t want to save on premiums? Of course, no one will say no to the chance to get some savings by way of cheaper premiums.
You can also avail of lower premiums on your critical illness insurance policy. Here are a few simple tips that show you how:
- Shop around.
Take quotes from various insurance companies that offer critical illness insurance. You can compare the different benefits they are providing vis a vis the premiums they are charging. It is important to look into the list of critical illnesses and how these are defined. Also, take a look at the exclusions listed in the policy.
- Getting your critical illness insurance policy through work.
Check with your HR department if the group plans they provide include critical illness cover. Although the coverage offered may not be as high as you want or need, a group critical illness insurance plan can be a good start. If you’re lucky, your employer may be already willing to shell out a portion of the premiums as part of their employee benefits offering. However, there may be instance where you will have to pay the full portion of the premiums. But since the cover is sold on a group basis, the premiums will be cheaper as compared to policies that are sold on an individual basis.
- Get the critical illness cover with your life insurance policy.
You can save up if you get your critical illness cover as a rider to your life insurance policy. But you have to make sure that the coverage is treated as separate from your life insurance coverage.
- Fill in the gaps.
What you can do is to also look at your current level of coverage, particularly with your health care insurance and disability insurance. Are some of the critical illnesses covered? What are the benefits being provided and excluded? This can help you determine the level of coverage you need for critical illness. You can compute for the possible expenses that are not covered by your health insurance and disability insurance cover. For instance, you can think about other expenses such as therapy, in-home nursing care, the need to install medical and adaptive equipment, as well as replacement services (for childcare or elderly care).
Recommended useful information to read:
- Are you at risk? Critical Illnesses you may be susceptible to
- Things to consider before getting a critical illness insurance policy
- What you should know about Your Critical Illness Cover: The exclusions to your policy
- Save Up on Premiums: factors that affect Your Critical Illness Insurance premiums
- Dos and Don’ts When Making Critical Illness Insurance Claims
