As you age, you typically become more susceptible to developing an illness.1 That’s even more true in the post-COVID era, as older adults who have been diagnosed with COVID have disproportionately higher rates of getting critical illnesses than those who haven’t.2 Your health insurance policy will likely help pay for much of your critical illness treatment, but it won’t cover contingent costs like living expenses and childcare that may change due to your diagnosis. That’s why critical illness insurance may be valuable for people in their 40s and 50s. Here, we explain how critical illness insurance works and why it may be worth considering if you’re 40 or older.
What is a critical illness?
A critical illness is a serious health condition or event that can significantly impact a person’s life and often requires extensive medical care or treatment. Some types of critical illnesses can include a heart attack, stroke, or organ failure. Coverage for critical illness insurance may vary depending on the insurer and policy, so it’s important to review the list of covered conditions before applying.
What is critical illness insurance?
Critical illness insurance is a supplemental insurance policy that can provide benefits when you’re diagnosed with a covered condition. Every insurer and policy works differently, but usually, a critical illness policy pays a lump-sum payment after the policyholder receives a diagnosis.
While primary health insurance will likely cover many of your medical expenses, critical illness insurance can help close gaps in coverage and give you additional financial flexibility to help pay for things not covered by health insurance, like living expenses and childcare.
How does critical illness insurance work?
Critical illness insurance works like most other insurance policies. It may be available as a benefit through your employer where premiums can be withdrawn from your paycheck, or you can apply through an individual or family marketplace plan and make premium payments on your own.
What does critical illness insurance cover?
As we mentioned, each insurance company defines their own covered conditions and benefits for critical illness insurance. Regardless of coverage, however, insurers typically pay cash benefits, allowing you to use the money for out-of-pocket expenses. Depending on the policy, critical illness insurance may also offer coverage for:
- Dependent children under the age of 26 and spouses
- To help with a variety of critical illnesses
Is critical illness insurance worth it?
You may now be asking, “is critical illness insurance worth it?” Like any supplemental insurance policy, it depends on your specific situation. That said, critical illness insurance may be worth considering if any of the following situations apply to you:
- You have a family history of critical illness: If you have a family history of life-changing illnesses and health events, critical illness insurance can help you plan.3
- You have a high deductible: Some health insurance plans have high deductibles that you must pay before insurance kicks in. Supplemental critical illness insurance can help pay for those deductibles.
- You’re over 40: As you age, the risk of developing a critical illness can become higher. Critical illness insurance can help you plan for your health care and your family’s needs if you’re diagnosed with a critical illness.
The bottom line
Nobody expects to receive a life-changing diagnosis. Unfortunately, we have no way of predicting if we’ll have a heart attack, stroke, or another serious medical event. When you’re over 40, however, the likelihood of experiencing such an event can increase, and it’s important to consider how it could change your family’s life. A critical illness insurance policy is one way that you can better prepare for the unexpected and help give yourself and your family some additional stability and peace of mind.
Sources:
1 MedlinePlus – Aging changes in immunity. Updated July 15, 2024 https://medlineplus.gov/ency/article/004008.htm. Accessed May 22, 2025.
2 World Health Organization – Post COVID-19 condition (long COVID). Updated February 26, 2025. https://www.who.int/news-room/fact-sheets/detail/post-covid-19-condition-(long-covid). Accessed May 22, 2025.
3 Investopedia – Critical Illness Insurance: What Is It? Who Needs It? Updated March 18, 2025. https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp. Accessed May 22, 2025.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Critical Illness/Specified Health Event, A74000 series: In Delaware, Policies A74100DE, A74200DE, A74300DE. In Idaho, Policies A74100ID, A74200ID, A74300ID. In Oklahoma, Policies A74100OK, A74200OK, A74300OK. In Virginia, Policies A74100VA, A74200VA, A74300VA. A73000 series: In Delaware, Policies A73100DE & A7310HDE. In Idaho, Policies A73100ID & A7310HID. In Oklahoma, Policies A73100OK & A7310HOK. In Virginia, Policy A73100VA & A7310HVA. B71000 series: In Delaware, Policies B71100, B71200, B7130H & B7140H. In Oklahoma, Policies B71100OK, B71200OK, B7130HOK & B7140HOK.
Tier One Critical Illness coverage is underwritten by Tier One Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
Critical Illness: In Delaware, Policy T71000. In Oklahoma, Policy T71000OK. In Virginia, Policy T71100VA.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2500396 EXP 6/26