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Insurdinary Is on a Mission to Make Critical Illness Insurance Accessible for All

No one expects to suffer from a critical illness, such as a heart attack, stroke, or cancer diagnosis. And yet these conditions are surprisingly common.

According to the CDC, someone in the U.S. experiences a heart attack every 40 seconds. Approximately 1.9 million people receive a cancer diagnosis annually. More than 795,000 people have a stroke each year.

While certain populations are at a higher risk of critical illness, it can impact anyone, regardless of age, financial status, or any other demographics. Unfortunately, without the right insurance coverage, critical illness diagnoses can drain your savings and send you into serious debt.
A traditional health insurance plan may partially cover treatment costs for critical illnesses. But health insurance alone isn't a sufficient means of affording critical illness treatments for a few reasons:
  • Some health insurance plans exclude specific critical illness treatments, such as experimental cancer treatments.
  • Critical illness treatments often exceed coverage limits in traditional health insurance plans.
  • Health insurance won't cover daily living expenses while undergoing treatment.
  • Health insurance usually doesn't cover adaptability expenses, such as installing stair lifts in the home or wheelchair ramps to the front door.
In the worst-case scenario, a lack of proper insurance coverage could prevent you from getting the life-saving treatments necessary to overcome a critical illness.

Paying for traditional health insurance likely won't be enough to prevent a critical illness diagnosis from hurting your finances. That's why Insurdinary seeks to help people find critical illness insurance that can fit seamlessly into their budgets.

3 Easy Steps to a Great Critical Illness Insurance Plan

Ensure that your financial assets are protected in the case of a major medical emergency with a comprehensive critical illness insurance plan. Use our platform to request insurance quotes, and receive them directly in your inbox.
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1. Find a Plan

Fill out a short questionnaire to determine whether critical illness insurance is right for your needs, and we'll provide a list of plans for top providers that fit your requirements.
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2. Choose a Custom Plan

Compare plans point by point to understand each option's eligibility requirements, restrictions, and coverage.
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3. Quote and Apply

Receive quotes for three critical illness plans and review how your price would change with varying coverage options.
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How Critical IllnessWorks

Receiving treatment for a critical illness, such as organ damage or cancer, is different from going to the doctor for a minor ailment. The complexities of critical illness treatment necessitate a high-value insurance plan that covers all aspects of care.

Before treatment can begin, a patient must receive a diagnosis. Some critical illnesses are challenging to identify and diagnose. The patient's healthcare provider will likely recommend a series of x-rays and lab tests to evaluate their health. Doctors may also recommend precursory treatment to aid symptoms or minimize risk before proceeding to more complex treatments.

A general healthcare provider will likely recommend a patient to a specialist for their medical condition. For instance, cancer patients receive treatment from oncologists, who develop treatment plans that involve chemotherapy, radiation therapy, and immunotherapy.

A critical illness may also require surgery. For example, after experiencing a heart attack, a patient may need percutaneous coronary intervention to locate the blockage. They may also need a coronary artery bypass to restore blood flow to the heart.

Because critical illness treatments are often more involved than treatments for other conditions, critical illness insurance is separate from general health insurance.

6 Reasons Why Critical Illness Treatment Is So Expensive

General health insurance covers a wide range of conditions, but many plans don't provide comprehensive coverage for critical illnesses. The main reason is that critical illnesses are expensive to treat.

Insurdinary helps you find affordable critical illness coverage to pay for most or all costs associated with treatment. Acquiring critical illness insurance from one of our recommended providers can significantly reduce the financial burden of recovering from your illness.

What makes critical illness treatment so expensive compared to other healthcare costs?
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Here are the reasons why:

Critical illnesses require ongoing treatment

Critical illnesses take more than a single visit to treat. Patients pay for every exam, medication, and therapy they receive long-term — sometimes for several years.

Critical illnesses require treatment from specialists

Oncologists, cardiologists, and neurologists undergo more specialized training than general practitioners, increasing their treatment costs.

Treatment centers use state-of-the-art equipment

Cancer centers and other specialized treatment centers have the most expensive technology and equipment — which translates into higher patient costs.

Critical illnesses necessitate immediate treatment

Time is of the essence when it comes to critical illness treatment. Receiving immediate care can rack up costs, as providers often have months-long waitlists.

Critical illnesses require lifestyle changes

The costs involved in critical illnesses expand outside of medical treatment and include losing your ability to work, purchasing medical equipment, implementing accessibility aids, and a range of other expenses.

Drug development for critical illnesses is costly

Critical illnesses do not have simple cures, and researchers pour hundreds of thousands of dollars into developing treatments. Drugs alone can exceed patients' annual health insurance coverage limits.

Structuring Your Critical Illness Insurance Policy

Here are a few different forms of critical illness insurance benefits:

Private Critical Illness Policy

This is the most straightforward method of purchasing critical illness insurance. Rather than combining your coverage with another insurance policy, you can review all of your coverage options and choose a provider that offers the most benefits for your needs. At Insurdinary, we'll make it easy to compare quotes side by side and choose your insurance provider.
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Critical Illness Rider (Life Insurance)

If you have a life insurance policy, you may be able to purchase a critical illness rider. This rider would allow you to withdraw part of your death benefit to cover treatment for a critical illness.

This option may cover fewer medical conditions than critical illness insurance but is typically more affordable.

Voluntary Employment Benefit

Check with your employer to determine whether you could obtain critical illness insurance as a voluntary benefit. Doing so could reduce your premiums, as your employer will foot part of the bill.

However, you'll have less control over your coverage.

Choosinga Critical Illness Insurance Plan

Critical illness insurance plans are relatively straightforward, and there aren't as many options to sort through as there are with general health insurance plans. Still, you should understand the benefits available through a critical illness insurance plan before starting coverage.

The two main types of critical illness insurance are basic and comprehensive.
  • Basic critical illness insurance covers a limited number of conditions and has a low compensation limit. It generally offers coverage for a specific period, such as ten years, after which time you would need to reapply for a new policy (with potentially higher premiums). Still, this coverage can prove valuable for those with little or no health insurance who experience critical illness diagnoses.
  • Comprehensive critical illness insurance covers most critical illnesses with high coverage limits. This form of coverage usually lasts for the remainder of a policyholder's life (as long as they continue paying the premiums). It often contains coverage for dependents and certain non-life-threatening conditions as well.
Most policyholders "stack" their critical illness insurance with an existing health insurance policy. Critical illness insurance should not replace other forms of health insurance; instead, it can supplement low coverage limits or insufficient covered conditions.
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Do You NeedCritical Illness Insurance?

Critical illness insurance isn't as common as general health insurance, and you may be wondering whether it's really necessary. As with any insurance policy, purchasing critical illness insurance is a way to protect yourself from potential future expenses. You can't predict whether you will experience a covered illness in your lifetime, but if you do, you'll be glad you have the appropriate coverage in place.

Still, insurance is an expense that you may prefer not to add in to your budget each month. Understanding the benefits of this coverage before buying it can help you feel more confident in your decision.

There are several reasons why many people choose to purchase critical illness insurance:

Critical Illness Insurance Provides a Lump Sum Payment

One significant difference between critical illness insurance and other forms of medical insurance is the method of compensation. If you have critical illness insurance and are diagnosed with a covered illness, your insurer will provide a lump sum payment of your full benefit amount. Depending on your coverage limits, this payment may be upwards of $100,000.

Once you receive your lump sum, you can use it for any expenses like medical bills or accessibility equipment. You won't need to ensure that your policy covers the right expenses or submit a claim for every expense.

Critical Illness Insurance Can Pay for Daily Living Expenses

Often, people with critical illnesses cannot work while undergoing treatment. As a result, their families may not have access to enough income to get by, placing more strain on the person with the illness.

Because of the flexibility of critical illness insurance benefits, policyholders can use their benefits to cover daily living expenses. The funds from an insurance payout can go toward groceries, mortgage payments, utility bills, and more. They can also go to unique expenses the policyholder may face from their condition, such as a wheelchair ramp or an accessible shower.

Critical Illness Insurance Is Relatively Inexpensive

Compared to many forms of insurance coverage, critical illness insurance is relatively affordable. Coverage starts at $10 per month for young, healthy adults. While your premium will depend on your age, medical history, and policy type, you may have no trouble fitting critical illness insurance into your budget.

Some Policies Come with Return of Premium Riders

If you're concerned about wasting money on a critical illness insurance policy you never use, you can consider a policy with a "return of premium" rider. This rider would enable you to receive some or all of your insurance premium back if you do not use your insurance coverage in a designated time.

Why Choose Insurdinary for Critical Illness Insurance Quotes?

Finding the right critical illness insurance for your needs doesn't need to be complicated or time-consuming. With Insurdinary, you can benefit from a quick and easy quoting process to find the top three policies based on your criteria.
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Receive Instant Quotes

Compare all of your critical illness insurance options in one place with our fast quoting tool. You'll be able to view quotes side by side from the top providers in the nation.
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Find the Most Affordable Premiums

Looking for a policy in a specific price range? With Insurdinary, you can narrow your policies to the ones that suit your exact pricing needs. You’ll see the most affordable policies based on your age, health history, and lifestyle.
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Apply Online in Minutes

Applying for critical illness insurance shouldn’t take hours. Our quick online applications allow you to complete the process in just a few steps and from your computer or phone. Our services are completely free, so there’s no reason not to take advantage of our streamlined critical illness insurance process.
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Choose the Right Benefits for Your Family

Purchasing critical illness insurance isn’t a decision you should make alone. If you're ever diagnosed with a life-threatening illness, your entire family will be impacted. Thankfully, your insurance payout will also benefit your entire family.

As such, you’ll want to keep your family’s needs in mind when searching for the right critical illness insurance benefits. Critical illness insurance typically comes with optional riders and benefits that can increase your coverage. These riders may include:
  • Extra coverage for dependents and family members
  • Automatic lump sum increases each year
  • Exclusions for conditions covered in your health insurance
  • Wellness benefit payments for every year you schedule specific wellness screenings
  • Different coverage amounts for the first, second, and third covered illness
  • Coverage for hospital stays outside of covered conditions
  • Additional coverage to aid illness recovery
  • Waivers for waiting periods
Consider which riders make the most sense for your family's needs and financial goals, and look for providers who offer these riders and benefits.
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How to Choose and Customize the Right Insurance Plan

No insurance plan offers a one-size-fits-all solution. Even within the limited scope of critical illness insurance, numerous options are available for you to custom-tailor your plan to meet your needs and goals. Even slight variations in plans can impact your overall costs.

To help you make the best decision, we’ve broken down everything you need to know about the cost of critical illness insurance.

How Costs Are Calculated

When you apply for any type of insurance, the insurance provider will calculate your premium based on several factors. These factors can vary depending on the type of coverage you’re looking for. In general, insurance companies try to minimize risk with their policies; when an applicant has a higher risk of eventually needing to submit a claim, their premium will also be higher.

For critical illness insurance, the following factors can impact your costs:
  • Age
  • Family history
  • Pre-existing conditions
  • Lifestyle (tobacco use, nature of job, etc.)
  • Desired coverage limits
While most insurance companies consider the same types of factors to calculate premiums, your costs can still vary. One company may offer you a much lower premium for the exact same coverage as another company.

Are There Deductibles?

Most insurance plans have deductibles, which are specified amounts policyholders must pay before their coverage would kick in. Because of the nature of critical illness insurance, there are no deductibles for this insurance type. You can receive your full lump sum payment if you ever receive a covered diagnosis.

Critical illness insurance doesn’t have deductibles because it offers benefits in lump sums rather than covering the exact costs of treatments. This structure makes critical illness insurance simpler than general health insurance.

Available Cost-Sharing Options

General health insurance also typically comes with cost-sharing options, in which you could split the cost of treatment with your insurance provider. However, cost-sharing looks different for critical illness insurance.

In most critical illness policies, you would always receive the entire coverage amount for a covered critical illness. Some policies have riders that cover partial costs of non-critical illness treatments as well.

How to Find Affordable Plans

The easiest way to review the most affordable critical illness insurance plans is to receive quotes from multiple companies, then compare their costs. Different companies use different methods of determining your risk level and your premium. The only way to know how much a company will charge you is to give it your information and let it do the math.

With Insurdinary, you can complete this process in just a few minutes. Once you fill out our quick form, you’ll get instant quotes with information about your coverage limits, premiums, and other associated costs.

How to Keep Insurance Costs Low

While you can’t control an insurance company’s method of determining premiums, you can use a few strategies to reduce your costs. Here are a few ways to keep critical illness insurance costs low:

  • Check if your employer offers critical illness insurance: If your employer offers critical illness insurance, you can save money compared to purchasing this coverage outright.
  • Begin coverage as soon as you can: The younger you are, the more affordable your critical illness insurance premium will be. Starting coverage now can help you benefit from the lowest premiums through the rest of your coverage term.
  • Live a healthy lifestyle: Your lifestyle contributes to your insurance costs. Avoiding smoking, dangerous hobbies, and excessive sugar intake can reduce your premium.

Critical Illness Insurance
Frequently Asked Questions (FAQ)

We know how important choosing the right critical illness insurance is to you, your family, and your future financial situation. We’ve answered a few frequently asked questions below.

How do I know if I’ve chosen the right critical illness insurance plan?

Any critical illness insurance coverage is better than no coverage, but some policies may be better than others. To determine whether your policy is right for your needs, answer the following questions:
  • Does the monthly premium place a strain on my budget?
  • Does this policy give me peace of mind about the future?
  • Does my policy include unnecessary add-ons?
  • Does my policy include overlapping coverage with my health insurance policy?
Evaluating your policy in this way can help you determine whether to make changes to your coverage.

What does critical illness insurance cover?

Critical illness insurance provides a payout if you ever become diagnosed with a covered life-threatening illness. Most policies include coverage for the following illnesses:
  • Cancer
  • Stroke
  • Heart attack
  • Organ transplant
  • Parkinson’s
  • Alzheimer’s
  • Paralysis
  • Renal failure
Your specific policy will list the illnesses covered.

Are there any tricks to saving money on critical illness insurance?

Follow these tips to reduce your critical illness insurance costs:
  • Compare rates across multiple companies to ensure that you choose the most affordable option.
  • Ask your insurance provider about discounts available, such as for leading a healthy lifestyle.
  • Bundle your coverage with your health insurance to minimize costs for both policies.

How long does it take to get critical illness insurance quotes from Insurdinary?

You can receive critical illness insurance quotes from Insurdinary in just a few minutes.
While no one wants to imagine experiencing a life-threatening illness, critical illness insurance can give you peace of mind that if such a diagnosis is in your future, you will be financially prepared. Receive personalized critical illness insurance quotes from Insurdinary today to find the best plan for you and your family.
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