What amount of critical illness do I need? | Mike Butean

Updated: May 20

In this article, I will talk about the critical insurance coverage needs?

To help you determine the amount of critical illness insurance you need, answer the questions:

  1. If you suffered a heart attack, stroke, or cancer, would you want your mortgage balance to be paid off? What is your mortgage balance?

  2. In the event of a critical illness, would you want your credit card debt paid in full? What amount would suffice?

  3. In the event of a critical illness, would you want to make sure all your other financial obligations were met? What amount would meet your needs?

What are the most common amounts people get covered for?

Usually coverages start at 10,000 and you can have 25,000; 50,000 or 100,000 in coverage. Some companies offer for more, but it can become pretty expensive.

Example: 3 conditions, $25,000 for 45 year women with return of premium incorporated is around $28/month and for men is around $43/month.

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