Insurance broker

• Insurance broker. An insurance broker is a licensed professional in insurance products, who can help you compare rates and coverage amounts with different providers. Brokers work on commission and are paid by the insurance company when they sell you a policy. A good broker will help you estimate how much coverage you need; help you buy, fund and set up your policy; and help if you have any questions or issues with claims in the future. Just note that brokers aren’t always the cheapest option—they may offer fewer discounts, for example—but their expertise can be very useful if critical illness insurance is your first policy purchase.

Direct-to-consumer insurance companies

The third option is to buy directly from an insurance company. There’s no need to meet with an agent, provide medical history or documentation, or undergo a physical exam. You can get a quote and apply online in minutes.

The workplace

Many employers offer critical illness insurance as one of their benefits, and you may also be able to purchase it through a group plan offered by your union or professional association. You’ll find that the premiums are typically lower when purchased through a group plan, so if you have access to this coverage at work, it may be worth looking into.

Critical illness insurance can be purchased through many different channels.

There are lots of options for purchasing critical illness insurance. You can find a broker, who works on commission and sells products from multiple companies, or you can buy directly from an insurance company. You may be able to purchase critical illness coverage through your employer or online. Banks, credit unions and financial advisors also sell products like critical illness insurance to individuals looking for protection against unexpected illnesses.

It’s important to make sure that whichever channel you choose will provide the types of coverage you need at the price that fits your budget.