Looking for the best way to save the most money? Are you searching for the best insurance policy that reduces your expenses and supports you? Critical illness insurance is the perfect policy for you.
As we grow older, the chances are that certain illnesses begin to show up. Without prompt treatment, such critical illnesses will be not only debilitating but also life-threatening. Treatment of such sicknesses is usually expensive for an individual, which is why getting an insurance policy to cater to such expenses is crucial to getting care when the need arises.
Unlike under life insurance where your beneficiaries get paid when you pass on, critical illness insurance caters to your treatment when you are diagnosed with major illnesses indicated in the policy, which saves you a lot of money. While a policy that pays your loved ones (beneficiaries) when you pass on is good, the policy that ensures that you get the best treatment and live well is better.
To benefit from critical illness insurance, you don’t have to die; and you are the sole beneficiary that is why it is referred to as a living benefit. Several critical illness insurance policies are on the market; however, you have to choose one that caters to conditions you are likely to develop later. Some of the conditions usually covered include but not limited to cancer, stroke, heart attack, Alzheimer’s disease, major organ failure, coma, loss of speech, coronary artery bypass surgery, kidney failure, paralysis, loss of limbs, major organ transplant, Parkinson’s disease, and much more.
So, how can you save the most money on a critical illness insurance policy? Read below
Choose a Suitable Policy
Do not choose a policy because your friends choose them. Your choice should be based on your health conditions considering your family health history. If the risk factor in your family is cancer, stroke, or heart failure, choose a critical illness insurance policy that covers this. Remember, the policy gets more expensive relative to the number of conditions covered. As a result, choose a policy that covers the high-risk factor for you to save the most money.
Benefit from Age Rounding
Insurers will round up or down your age based on when you apply for the policy. If your birthday is around November or December, buy critical illness insurance policy between January and June to benefit from age rounding. For instance, if you are 52 years 8 months old, you will be considered to be 53 years old while you will be considered for the same age when you buy a policy when you are 53 years 4 months old. The higher your age, the higher your policy is likely to be.
Ignore Riders and Extra Benefits
Some policies are bundled with additional benefits and riders such as a child illness rider, do not apply for it to save money on your policy.
Paying an annual lump sum earns you lower premiums, unlike when your payments are processed monthly; it costs more for you and your insurer.
Get Rid of Bad Habits
If you are a smoker, you should consider giving it up because smokers usually pay almost double of what non-smokers are billed. As a result, if you have any habit that can interfere with your health and trigger your risk factor, it is better to quit to save the most money on your critical illness insurance policy.
As an Independent Financial Advisor I take a true holistic approach when advising you and your family in Investment, Insurance, Mortgage. I will provide you with a financial road map, and help you execute the strategies identified in order to achieve your long-term goals and objectives.