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Critical Illness Insurance: Is It Worth It?

doctor checking patient's blood pressure and discussing critical illness insurance rates

With affordable group critical illness insurance rates and the need for employees to protect themselves from higher medical plan deductibles and copayments, it’s no wonder sales of critical illness insurance have increased by double digits every year for the last three in a row.1 

Three quarters of all workers say the benefit package a prospective employer offers is an important factor in their deciding whether they’ll accept a job. And most workers see voluntary benefits, such as group critical illness insurance, as a strong advantage.2

Employers are increasing the voluntary benefits they offer

To offset rising health care costs, many companies ask employees to assume more of the cost of their health insurance. In addition to paying more for coverage, workers are asked to pay higher deductibles and coinsurance amounts. When faced with a critical illness, many find these added costs create a financial burden they cannot overcome.

Critical illness insurance is an affordable option

Is critical illness insurance worth it? Many employers and employees are surprised by how easy it is to protect themselves with critical illness insurance. Group critical illness insurance rates are very affordable. As an employer, you can give your employees an opportunity to purchase coverage at rates that are much lower than they can get on their own.

Critical illness insurance isn't health insurance. It's a lump sum financial benefit that’s paid when a serious illness – such as heart disease, cancer, Parkinson's or ALS – is diagnosed. It can be used in any way the insured sees fit:

  • To pay for medical expenses not covered by insurance
  • For non-medical expenses such as travel costs
  • Childcare expenses
  • Compensation for a spouse or family member who takes time off work to help out
  • Even to help replace a percentage of the income lost when a disability insurance payment falls short of replacing worker’s steady paycheck

The chances of suffering a critical illness are real

Almost everyone knows a friend or relative who has had a critical illness of some kind. Consider that each and every day more than 4,000 Americans suffer a heart attack or stroke3… and that over 1.6 million will be diagnosed with cancer before the year ends.4 Thanks to advances in modern medicine and technology, more people survive critical illnesses and live long and healthy lives than ever before. The fact that over 14 million cancer survivors will be celebrating a birthday this year is proof.5 The prognosis for many with even the most serious illnesses is good… but it is not without its price. On average, the cost of out of pocket medical expenses is $18,0006– a cost few Americans can afford to pay.

Americans have a low average savings

More than 40% of all U.S. households have so little in the way of savings that one financial emergency would be enough to put them below the poverty line.7 For many, a serious illness can lead to bankruptcy. In fact, 60% of bankruptcies are the result of medical causes.8 And often, those forced to file for bankruptcy often have medical insurance.

Strengthen employee benefit packages without increasing expenses

Is critical illness insurance worth it for your company? Increasingly popular, group critical illness insurance is now offered as a voluntary benefit by 35% of midsize and large companies — with more considering it for the year ahead.9 It’s an affordable way for employers to address rising medical costs and strengthen employee benefit packages without increasing expenses. 

Group critical illness insurance rates are reasonable, thus providing employees with an affordable financial safety net. The employers who provide this coverage can benefit from the goodwill it generates. It lets employees know their employer is aware of the financial risk they face, and that they care enough to do something about it.

Learn more about Guardian Group Critical Illness Insurance.


Why Offer Guardian Critical Illness Insurance?
What is Critical Illness Insurance?
What Does a Critical Illness Insurance Policy Cover?
Critical Illness Insurance Quotes from Guardian
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