Why Now is the Best Time to Get Crit­i­cal Ill­ness Insurance

When is the right time to get a critical illness insurance policy? The simple answer is “right now,” but there are a few factors to consider before you make the decision.

This article will help you decide when the best time is to get critical illness insurance and what you might need from a critical illness policy. Get started by learning a bit more about critical illness insurance.

• What is critical illness insurance?
• How does critical illness insurance work?
• Why do people buy critical illness insurance?
• When is the best time to buy critical illness insurance?
• How do I get a critical illness policy?

What is critical illness insurance?

Critical illness insurance is an insurance product designed to help protect you from the financial fallout of a serious disease or health event like a heart attack, stroke or cancer. When you are diagnosed with a major health condition like those listed above, a critical illness insurance policy will give you a lump-sum cash benefit you can use to help your recovery in any way you want.

To learn more about what critical illness insurance is and what it covers, read this article or watch this short video.

How does critical illness insurance work?

Critical illness policies pay a lump-sum benefit amount following the diagnosis of a covered condition. After diagnosis, you, as the covered individual, submit a claim for benefits, which are then paid directly to you. You can use the benefit from a critical illness insurance policy to cover medical expenses, your mortgage, utility payments or even grocery bills. If experimental treatment is available, a critical illness insurance policy can help give you the means to pursue it. If you need to travel for procedures or physician visits, a critical illness insurance policy can help pay for your transportation and lodging.

When facing a life-threatening illness or condition, critical illness insurance helps give you the freedom to focus on your recovery.

Critical illness insurance is not comprehensive health insurance. There is no substitute for comprehensive health insurance. You and your family should have comprehensive health insurance coverage before considering the purchase of critical illness insurance, in fact, some states require it. However, critical illness insurance can complement your health insurance by providing cash benefits directly to you if you are diagnosed with a covered condition. How you choose to spend the benefits is up to you.

Why do people buy critical illness insurance?

It’s not fun to think about getting diagnosed with a serious disease – but it can happen whether or not you prepare. Consider the risks of receiving a critical illness diagnosis within your lifetime.

In 2020, an estimated 1.8 million Americans received a cancer diagnosis¹ — but only a third of that number died from the disease. Heart attacks are also common, with 805,000 occurring annually in the United States², and there are almost as many strokes suffered each year — a leading cause of adult disability.³

If you’re like most Americans, you probably have a high-deductible health plan (HDHP) that can require you to pay a five-figure amount before your benefits kick in. If you were to pay for cancer treatments several years in a row, the out-of-pocket payments would add up fast. With critical illness insurance, you can make sure you have cash on hand to help pay for these expenses if the need arises.

When is the best time to buy critical illness insurance?

Like almost all types of insurance, the best time to buy critical illness insurance is now. We’re not just saying that because we’re an insurance company, either. The cost of some critical illness insurance rises with age, so buying a policy at age 30 will cost you less than at age 50.

It may be worthwhile to consider your future needs and plans – do you plan on buying a bigger house with a larger mortgage to cover, having or adding more children, or going back to school? These costs may all factor in to the amount of coverage you want.

Unlike most other critical illness insurance plans, Assurity Critical Illness Insurance doesn’t reduce your benefit or raise your premiums when you turn 65. So if you choose to buy an Assurity Critical Illness Insurance plan, you can rest easy knowing that you’ll receive your benefit when you need it most and not have to pay more than you thought.

How do I get a critical illness insurance policy?

It’s easier than ever to get a critical illness insurance policy – the application is just a few short questions with no medical exam required. Learn more about Critical Illness Insurance , then speak with your local insurance professional to find coverage that fits your needs.

Don’t wait to purchase critical illness insurance – the best time to act is now.

¹ National Cancer Institute, September 2020
² Centers for Disease Control and Prevention, September 2021
³ Centers for Disease Control and Prevention, May 2021

LIMITATIONS AND EXCLUSIONS (may vary by state)

Pre-existing Condition. Pre-existing condition means a sickness or physical condition for which, during the 12 months before the issue date or last reinstatement date, the insured person received medical consultation, diagnosis, advice or treatment from a physician or had taken prescribed medication. No benefits will be paid for a critical illness that is caused by a pre-existing condition unless the date of diagnosis is after the policy has been in force for 12 months from the issue date or last reinstatement date.

Waiting Period. Waiting period means the 30 days following the issue date or ten days following the last policy reinstatement date. The date of diagnosis of a covered critical illness must be made while the coverage is in force and after any waiting period. No benefits will be paid if a diagnosis or a medical consultation that leads to diagnosis of invasive cancer or non-invasive cancer occurs during the waiting period. If cancer is diagnosed during the waiting period, benefits will be paid for a subsequent diagnosis of cancer if the insured person is symptom- and treatment-free for at least 12 consecutive months and in complete remission prior to subsequent diagnosis.

Misstatement of Age and/or Gender. If the insured person’s age and/or gender has been misstated, an adjustment in premiums, coverage or both will be made based on the correct age and/or gender. If, according to the correct age, the coverage provided by the policy would not have become effective or would have ceased, Assurity’s only liability during the period in which the insured person was not eligible for coverage shall be limited to a refund of premiums.

Misstatement of Tobacco Use. If, during the first two years of the policy, the tobacco status of the insured person has been misstated, Assurity will revise the policy’s benefit amount to the amount the premium paid would have purchased using the correct tobacco status on the issue date.

The policy will not pay benefits for losses that are caused by or are the result of an insured person:

• being exposed to war or any act of war, declared or undeclared;
• actively serving in any of the armed forces or units auxiliary thereto, including the National Guard or Army Reserve, except during active duty training of less than 60 days;
• engaging in hang-gliding, hot air ballooning, bungee jumping, parachuting, scuba diving, sail gliding, motor vehicle racing, parasailing, parakiting, mountain or rock climbing, B.A.S.E. jumping, sky diving or cave diving;
• being addicted to drugs or suffering from alcoholism;
• being intoxicated (as determined by the laws governing the operation of motor vehicles in the jurisdiction where loss occurs) or under the influence of an illegal substance or a narcotic (except for narcotics used as prescribed to the insured person by a physician);
• committing or attempting to commit a felony;
• being incarcerated in a penal institution or government detention facility;
• engaging in an illegal occupation;
• intentionally self-inflicting an injury; or
• committing or attempting to commit suicide, while sane or insane.

Policy Form No. I H1820 underwritten by Assurity Life Insurance Company, Lincoln, NE.

IMPORTANT NOTICE— CRITICAL ILLNESS INSURANCE PROVIDES LIMITED BENEFIT COVERAGE. It is not a comprehensive major medical plan or Medicare supplement policy and does not satisfy the requirement for minimum essential coverage under the Affordable Care Act (ACA). It is not a substitute for major medical insurance and may not be appropriate for Medicaid recipients.

This policy may contain reductions of benefits, limitations and exclusions. Click here for standard Limitations and Exclusions. Product availability, features, rates, limitations and exclusions may vary by state. The state specific policy form is the ultimate authority for any questions about this product.

*In some states, diagnosis of cancer during the first 30 days following the policy’s issue date results in a significant benefit reduction or policy cancellation. The percentage benefit amount payable for invasive and non-invasive cancer combined cannot exceed 100%.

**Heart attack does not include established (old) myocardial infarction occurring prior to the issue date, sudden cardiac arrest, cardiac arrest or cardiopulmonary arrest.

Assurity reserves the right to order, at the company’s expense, evidence of insurability which the company feels is necessary for the prudent evaluation of the risk.

Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, NY. Product availability, features and rates may vary by state.