I’ve had two close friends (under 35) who were diagnosed with critical illnesses and it’s gotten me thinking about the merits of critical illness insurance. The policy that I looked into paid all of the premiums back at age 70, if no claims are made prior to that date. It seems like a practical option.
It seems the earlier you enroll, the cheaper and more comprehensive the coverage one can get - so times ticking if I want a decent policy that doesn’t cost an arm and a leg.
I'm not too sure about the critical illness part but...
With the recent enactment of the health care legislation for some it might just cause an arm and a leg. As everyone will be required to carry insurance or get penalized. Some of the things are still murky.
the long term effects are going to be unknown for out of pocket costs and premiums.
^ I live in Canada, so I'm not concerned about the cost of healthcare per se. The critical illness insurance would pay for some extras (homecare nursing and such), but the treatment itself would be covered by OHIP and my employer's insurance policy.
I'm more concerned with the interruption of my income. I pay my own bills and while I have family to fall back on, I'd rather be able to maintain my own independence, especially in the situation of a protracted illness where I was off work for months or years. Hasn't anyone else considered what would happen in a worse-case-scenario like this? I know of some insurance policies that pay off mortgages in the event of critical illnesses - it would appear to give a person peace of mind and allay any fears about loss of income.
I am not in Canada but have some knowledge regarding insurance. I believe that it's good to have an insurance coverage. You already have your group health insurance so please make sure that your additional insurance policy will pay if you are insured somewhere else too.