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Hi all -- I'm back, and my application has been processed and my premiums decided. To recap my original post, I am currently a healthy 27-year-old female, with no chronic conditions (except for very mild asthma that pretty much never surfaces anymore), and am a non-smoker and a light/non- drinker (i.e. will have 1 or 2 alcoholic drinks over New Years or a wedding reception, but don't drink otherwise).
I received my Critical Illness insurance quote yesterday (as per my OP, a few days ago I submitted an application for CI insurance).
They are quoting me $106.29/month for a coverage amount of $100k. These premiums will be paid for only the next 20 years, with coverage for life.
Is this a good deal? Is Critical Illness insurance even beneficial, or should I get Disability insurance instead? (My job does not provide any benefits as I'm a contract worker.)
Edit: As mentioned previously, I have officially rejected the life insurance policy. I will not be getting it.
betting on a particular illness or event is a terrible bet when you buy insurance . you are better off with a disability plan or better health insurance .
aflac made a fortune scaring people into buying single event insurance .
Is this a good deal? Is Critical Illness insurance even beneficial, or should I get Disability insurance instead? (My job does not provide any benefits as I'm a contract worker.)
Critical illness insurance is not beneficial.
Disability insurance, as stated upthread, is very smart to have.
Thanks for the info -- I am looking at Disability insurance at the moment as well. The Critical Illness insurance will cover 25 illnesses should I be afflicted in the future, but $106/month for a healthy 27-year-old with no family history of cancer and no unhealthy habits (e.g. smoking) seemed very expensive to me. I thought my quote should have been around <$50/month or so.
I agree with the posters who said that Disability insurance may be more useful. At the very least, its terms are less narrow. However, I have also heard that Disability insurance claims are more difficult to get, as you have to jump through more hoops to be approved.
Right now I'm still doing more research. I've asked the insurance broker to put my CI application on hold.
betting on a particular illness or event is a terrible bet when you buy insurance . you are better off with a disability plan or better health insurance .
aflac made a fortune scaring people into buying single event insurance .
Are there better health insurance policies that would cover the cost of, say, cancer medication and chemotherapy should I be diagnosed in the future? I always thought OHIP (Ontario Health Insurance Plan) was sufficient. I guess not.
I don't have Health insurance right now; maybe it's time for me to buy a policy (my health insurance coverage ended when I graduated out of university a few years ago).
I think you should still have some life insurance so that in the event of your death your parents or whoever your next of kin are are not on the hook entirely for the end-of-life expenses. Also, if you own a home and would want your relatives to be able to inherit the house free and clear, that would be another reason to have it.
I think you should still have some life insurance so that in the event of your death your parents or whoever your next of kin are are not on the hook entirely for the end-of-life expenses.
If her parents don't want to have those expenses, then they need not claim the body. Or, like I suggested, the OP can have their body donated.
Are there better health insurance policies that would cover the cost of, say, cancer medication and chemotherapy should I be diagnosed in the future? I always thought OHIP (Ontario Health Insurance Plan) was sufficient. I guess not.
I don't have Health insurance right now; maybe it's time for me to buy a policy (my health insurance coverage ended when I graduated out of university a few years ago).
OMG! You are thinking about getting critical illness insurance and you do not have health insurance?!?!
When my husband had cancer 11 years ago, he was hospitalized multiple times due to surgery and various complications (probably six times that year), had months of chemotherapy, dozens and dozens of doctors appointments and since we had health insurance all we paid was our $200 or $250 yearly out-of- pocket co-pay. BTW, between his short term disability from work and his long term disability (self pay) he lost very little income from his job (in the nine to twelve months that he was recovering from the cancer and complications)
Ditto when I had cancer this spring. Except for my yearly co-pay (which I actually paid during an illness before my cancer) I did not have to pay a dime for chemotherapy, weekly lab visits, dozens of doctor visits or the thousands of dollars of PET scans and CT scans, etc. etc.
Now, both of us did have cancer but among my family members, three siblings and their spouses, all of their children and our parents not one of them ever had cancer. So, if any of us had a critical illness insurance or cancer insurance it really would have been useless.
YMMV
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