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The Cost of Critical Illness Insurance

What Factors Influence the Cost of a Desjardins Insurance Critical Illness Insurance Policy?

If you’re concerned about your ability to pay for a medical emergency, Desjardins Insurance critical illness insurance might be exactly what you need.  Critical illness insurance provides a lump sum payment, which is paid promptly after the diagnosis of a covered illness.  This allows you to immediately pay medical bills, or help you afford a better level of care than you might otherwise be able to get.  It’s entirely up to you on how to spend it.

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 Which Determine the Cost of Your Desjardins Insurance Critical Illness Insurance Policy

Payout size

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 premium.

Covered medical conditions

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.

Length of the policy term

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.

Guaranteed vs 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.

Plus, of course, there will also be personal factors influencing your premium costs as well.  If you’re interested in Desjardins Insurance critical illness insurance, your best option is simply to contact us for a quote!