4. Some policies have extra benefits and riders, such as a waiver of premium rider or a child illness rider.
Go without riders that do not apply to you so you can save money on the premium.
5. Do you have mortgage insurance that includes critical illness insurance?
Speak with a broker to see if dropping your mortgage insurance makes sense for you. You may have adequate coverage for the mortgage risk if you also have individual policies and policies through work.
If there is enough overlap, you can streamline your policies so you can pay less but still have the coverage you need. Caution!
Never cancel a critical illness insurance policy before learning if you have the right coverage active first.
6. It costs your insurer time and money to process monthly payments
They reward you with lower premiums if you can make an annual lump sum payment.