How Critical Illness Insurance Works - Prepare Insurance
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How It Works

Critical Illness Insurance provides a check directly to you upon diagnosis of a covered critical illness.

You can use the money in any way you choose, regardless of any other insurance coverage you may have.

If you purchase $25,000 in coverage, you’ll get a $25,000 check upon diagnosis of a covered condition.1

Do I need Critical Illness Insurance?

You should get critical illness insurance if…
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You have a high deductible and don’t have enough savings to cover it.
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If you couldn’t financially handle being out of work for 3 months due to a heart attack or cancer treatments.
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You don’t want to do online fundraising to cover your medical bills if you get cancer.

Why Critical Illness Insurance is worth it

Aaron is a 34-year-old teacher with a young daughter. He needed a way to protect his paycheck, his house, and cover his medical bills if he was ever diagnosed with cancer or another critical illness.

Aaron purchased a $25,000 policy for less than a $1 a day.2

Every year, he pays $240 dollars in premiums.  $25,000 dollars in benefit is held for him if he’s diagnosed with a covered condition. If he is ever diagnosed with a covered condition, a $25,000 check is sent directly to him. 

If Aaron dies from something other than a covered condition and he hasn’t received any other benefits, his beneficiary receives all of the money he’s paid in premium.3 Aaron is creating a safety net for his family.

man and daughter on dock

Frequently Asked Questions

What does Critical Illness Insurance cover?
For example, with a $25,000 policy, the need for coronary bypass surgery pays a $6,250 benefit, while an invasive cancer diagnosis would pay a $25,000 benefit. See policy conditions, limitations and exclusions.
How does Critical Illness Insurance work?
  1. You’re diagnosed with a covered critical illness.
  2. Your policy pays you a lump-sum benefit.
  3. You can use this money however you would like; paying off medical bills, living expenses, mortgage payments.
See policy conditions, limitations, and exclusions.
Why do I need Critical Illness Insurance if I have health insurance already?
If you would struggle to cover the cost of your health plan’s deductibles and co-pays or fund treatment options if faced with a serious illness, critical illness insurance may be right for you. No one should go without comprehensive health insurance. It’s important protection for your health and your financial security. But even with good health insurance, a serious illness can cause financial hardship.
How much coverage do I need?

We recommend you cover your health insurance deductible and an additional portion to cover living expenses, travel and stay, lost income, and mortgage payments.

Use our Needs Assessment Calculator to figure out how much you need

Are there any restrictions on how I can use the money?

There are no restrictions on how you can use the money, you are free to use the money in any fashion.

How do I submit a claim or change information?
Assurity Life Insurance takes care of this information. You can use any of the resources below.
  • Assurity Customer Center
    • www.assurity.com
  • Client Services
    • 1-800-869-0355, Ext. 4279
    • clientservices@assurity.com
    • Fax: 1-888-255-2060
  • Claims Reporting and Services
    • 1-800-869-0355, Ext. 4484
    • claimsinfo@assurity.com
    • Fax: 1-800-869-0368

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Disclosures & References
1 & 3 For a list of specific covered conditions, percentage of benefit payable and details, as well as all limitations and exclusions, please refer to the actual policy. Heart attack does not include established (old) myocardial infarction occurring prior to the issue date, sudden cardiac arrest, cardiac arrest or cardiopulmonary arrest.
2 Rate is based off of 34 year old male non-smoker from Nebraska

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© 2023 Prepare Insurance

Prepare Insurance LLC does business as Prepare Insurance Solutions in California (CA License #6001570)
NOT AVAILABLE IN NEW YORK.
CRITICAL ILLNESS INSURANCE PROVIDES LIMITED BENEFIT COVERAGE. It is not a comprehensive major medical plan or Medicare supplement policy and does not satisfy the requirement for minimum essential coverage under the Affordable Care Act (ACA). The description of benefits is intended only to highlight the insured’s benefits and should not be relied upon to fully determine coverage. If this description conflicts in any way with the terms of the policy, the terms of the policy prevail. This policy may contain reductions of benefits, limitations and exclusions. Availability of this product, final underwriting requirements, benefits and cost will depend on your application.

Policy Form No. I H1820 underwritten by Assurity Life Insurance Company, Lincoln, NE.

Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, NY. Product availability, features and rates may vary by state.

Conditions, Limitations and Exclusions
The following limitations and exclusions apply to the policy as approved in most states. Limitations and exclusions may vary by state. For a list of all limitations and exclusions, refer to the actual policy.

Pre-existing Condition – Assurity will not pay benefits for a critical illness that is caused by a pre-existing condition unless the date of diagnosis is after this policy has been in force for 12 months from the issue date or last reinstatement date.

Reduced Benefit After Age 70 – On the policy anniversary immediately following the later of the insured’s 70th birthday, or three years from the policy’s issue date, the policy benefit amount will be automatically reduced by 50 percent. This will be the benefit amount available for the remaining years the policy is in force.

Exclusions – Assurity will not pay benefits for conditions that are caused by or are the result of the insured person: being exposed to war or any act of war, declared or undeclared; actively serving in any of the armed forces or units auxiliary thereto, including the National Guard or Army Reserve, except during active duty training of less than 60 days; engaging in hang-gliding, hot air ballooning, bungee jumping, parachuting, scuba diving, sail gliding, motor vehicle racing, parasailing, parakiting, mountain or rock climbing, B.A.S.E. jumping, sky diving or cave diving; being addicted to drugs or suffering from alcoholism; being intoxicated (as determined by the laws governing the operation of motor vehicles in the jurisdiction where loss occurs) or under the influence of an illegal substance or a narcotic (except for narcotics used as prescribed to the insured person by a physician); committing or attempting to commit a felony; being incarcerated in a penal institution or government detention facility; engaging in an illegal occupation; intentionally self-inflicting an injury; or committing or attempting to commit suicide, while sane or insane.