The original publishing date is January 15, 2020, and the content was revised and updated on December 24, 2024.
If you’re worried about managing the cost of critical illness insurance or unexpected medical expenses, Desjardins critical illness insurance offers a lump sum payment upon diagnosis of a covered illness. This payout provides flexibility to cover out-of-pocket costs, upgrade care, or reduce financial stress during recovery, the choice is yours.
Of course, there’s the question of what the monthly premiums will cost. As with most forms of insurance, this depends on a lot of factors. These are the most prominent:
Four Factors That Determine the Cost of Your Critical Illness Insurance
Payout Size and Its Financial Impact
The biggest factor influencing how much you’ll pay for your critical illness insurance is how much of a payout you would want. This could be anywhere from $10,000 to $100,000 or even more. Obviously, the larger the insurance payout amount, the more you’ll be paying per month in premiums.
Medical Conditions Covered Under the Policy
As with most types of medical and life insurance, you’ll have your choice of which medical conditions are covered by your critical illness insurance policy. This allows you to fine-tune the cost of the policy. A typical comprehensive plan will usually cover around twenty-five major conditions, but you could choose to get less coverage. For example, someone with a high rate of cancer in their family, but no family history of heart disease, might forego heart disease-related coverage.
Policy Term and Duration Options
You can get policies that last for various terms, ranging from a few years to lifelong. The longer the insurance is for, the more it will end up costing. Critical illness insurance is like life insurance in this regard.
Choosing Between Guaranteed or Renewable Premiums
You usually have two options in how your premiums will work: renewable or guaranteed. Renewable premiums can fluctuate in cost, generally starting off cheaper but growing more expensive over time. Guaranteed premiums are locked in and will not change. Guaranteed premiums are usually cheaper in the long term, but sometimes a person’s financial situation makes renewable premiums more attractive.
Desjardins offers critical illness insurance, but your policy’s pricing can vary based on personal factors such as age, sex, and non-smoking status. If you’re diagnosed with an illness like a stroke or another life-threatening condition, critical illness insurance can help you manage unexpected bills, providing coverage for expenses not covered by employer-sponsored health plans. It’s important to carefully review your options with an advisor to find one that aligns with your budget and annual savings goals.
Contact us today to get a quote and learn how we can help you find affordable coverage that fits your needs, so you understand the true cost of critical illness insurance.