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lisa0807
LIF Adolescent
Member since 4/10 572 total posts
Name:
Lisa
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Critical Illness Insurance
My company is offering Voluntary Critical Illness Insurance and I am trying to decide it this is worth getting.
Does anyone have this type of coverage? What are your thoughts if any on this type of insurance?
I have 2 days to decide and I am unsure, hoping for peoples opinion.
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Posted 3/21/19 10:18 AM  |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Re: Critical Illness Insurance
What does it cover and how is it different from regular health insurance ?
Is it more like AFLAC, long term disability ?
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| Posted 3/21/19 10:26 AM |
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lisa0807
LIF Adolescent
Member since 4/10 572 total posts
Name:
Lisa
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Re: Critical Illness Insurance
It is an Aflac policy, kind of like disability but its called Voluntary Critical Illness Insurance. It pays a lump sum benefit when a covered critical illness is diagnosed.
Benefit amount is either 10k or 20k
Covered illnesses are invasive cancer, heart attack, stroke, organ transplant, kidney failure and there are limitations and exclusions.
Its supposed to help the individual with out of pocket expenses when dealing with a critical illness.
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| Posted 3/21/19 10:47 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Critical Illness Insurance
How much is it out of pocket per check?
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| Posted 3/21/19 10:55 AM |
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lisa0807
LIF Adolescent
Member since 4/10 572 total posts
Name:
Lisa
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Re: Critical Illness Insurance
It goes by age so for me it would be about $380 per year.
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| Posted 3/21/19 11:13 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Critical Illness Insurance
Posted by lisa0807
It goes by age so for me it would be about $380 per year.
When you say:
Benefit amount is either 10k or 20k
What determines that? Like what determines if you get a payout of $10k or $20k?
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| Posted 3/21/19 11:15 AM |
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lisa0807
LIF Adolescent
Member since 4/10 572 total posts
Name:
Lisa
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Re: Critical Illness Insurance
Posted by NervousNell
Posted by lisa0807
It goes by age so for me it would be about $380 per year.
When you say:
Benefit amount is either 10k or 20k
What determines that? Like what determines if you get a payout of $10k or $20k?
Yes the $380 would be a benefit of $20k, so if diagnosed with cancer, or had a heart attack, etc there would be a lump sum payment to me for $20k, but I feel that its too good sounding. I
I was hoping someone on here actually had this type of insurance and to get their input.
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| Posted 3/21/19 11:36 AM |
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ali120206
2 Boys
Member since 7/06 17793 total posts
Name:
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Critical Illness Insurance
We have a policy - but fortunately we haven’t had to use it. It’s good for peace of mind. You have to look and see what your insurance pays for in those types of situations to see if it’s worth it.
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| Posted 3/21/19 2:45 PM |
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JessT
LIF Infant
Member since 6/08 323 total posts
Name:
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Re: Critical Illness Insurance
My mother had this and did have to use it. Lump sum 20k. It’s not a gimmick they just hope to not have to pay out.
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| Posted 3/21/19 3:11 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Critical Illness Insurance
No real financial advisor would recommend this.
That is a pretty high premium for not that much payout. I’m no professional but it seems ummecessary.
I have a million in life insurance I only pay 415 a year for. And everyone dies (fact). Not everyone gets critically ill.
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| Posted 3/21/19 10:21 PM |
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Critical Illness Insurance
I literally have any and every insurance offered by my job, I have through Aflac and bought in in the under 30 age bracket for my husband and I and pay I think like $110 a month for a family cancer, accident, hospital, short term disability and then I have other stuff my job offers. My son has been in the hospital a lot of his asthma and even though I’m not paying anything because insurance covers 100% for admission, not even a copay I’ve gotten $1500 each time he was admitted. Right now I’m out on FMLA I paid due to illness and I submitted to Aflac and got 67% of my check under the short term plan. To me, it’s worth it for protection for the unknown. Assuming you get paid bi-weekly, it’s less than $15 a pay check, I would do it.
Message edited 3/21/2019 10:37:37 PM.
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| Posted 3/21/19 10:36 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Critical Illness Insurance
I have it. I didn't find it to be that much per paycheck and I covered myself and my kids.
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| Posted 3/22/19 8:46 AM |
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