GoFundMe vs. Critical illness insurance: Which is better in 2023?

Across the country, many people are turning to GoFundMe and other charity and crowdfunding platforms for help – they’ve become a common sight on Facebook feeds in recent years.

However, nine in 10 GoFundMe campaigns do not reach their goal. Additionally, people with more in-depth communications and social media skills are more likely to succeed in fundraising.³

So not only are families having to bear more of the cost burden themselves if something catastrophic happens, they must compete against other families in similar situations just to try and make it.
There’s another option: Assurity’s Critical Illness Insurance. 

Critical illness insurance is called by different names around the world, including cancer insurance, heart attack insurance, specified disease insurance and dread disease insurance.

If you are diagnosed with a covered disease or health event, a critical illness insurance benefit will help you focus on your recovery by supporting your finances. You can use the money for whatever you need, from replacing lost wages or traveling for treatment to taking extra time off work or paying off your medical bills.

Critical illness insurance covers some of the most common serious illnesses and conditions. Depending on your critical illness insurance policy, you could have a long list of rarer ones covered – but Assurity’s Critical Illness insurance is simplified to cover the most common conditions and keep costs low for you.
It pays a benefit for:

• Cancer (invasive or non-invasive)*
• Heart Attack**
• Stroke
• Advanced Alzheimer’s Disease

It’s not fun to think about getting diagnosed with a serious disease – but can happen whether or not you prepare. Consider the risks of receiving a critical illness diagnosis within your lifetime.

About 1.8 million Americans received a cancer diagnosis in 2020⁴ — but only a third of that number died from the disease. Heart attacks are also common – 805,000 occurring annually in the United States⁵ – and almost as many strokes suffered each year.⁶

Should you ever face a critical illness, you’ll want the freedom to focus on what’s most important – your recovery – rather than the need to rely on the charity of others through crowdfunding. Think of the difference a $30,000 critical illness insurance policy could make. Learn more.

If you’re diagnosed with a covered condition – Assurity’s Critical Illness Insurance covers cancer, heart attack, stroke and advanced Alzheimer’s disease – you simply submit a claim for benefits. If everything is in order, you’ll receive a lump-sum payment that you can use in any way you want. For instance, you can use your critical illness benefit to pay for:

• Travel and lodging for doctor’s appointments
• Medical expenses
• Experimental treatment
• Lost wages from time off work
• Or even a nice vacation while you recover

The money is yours to do with whatever you want or need – and it give you the financial freedom to focus on recovery.

It’s important to consider the differences between plans when looking at critical illness policies. How simple or complex is the plan, and what does it cover? What conditions are important for you to cover, and what coverage amount is ideal for you? You may also want to think about how fast a certain plan can give you coverage, or whether you need to go through medical exams first.

For comparison, here are the basics of Assurity’s Critical Illness Insurance:

• Streamlined coverage for the four most common conditions
• Coverage amounts from $5,000 - $50,000
• Apply within minutes
• No benefit reduction after age 65  

Like almost all types of insurance, the best time to get critical illness insurance is now. We’re not just saying that because we’re an insurance company. The cost of some critical illness insurance rises with age, so buying a policy at age 30 will cost you less than at age 50.

It may be worthwhile to consider your future needs and plans – do you plan on buying a bigger house with a larger mortgage to cover, having or adding more children, or going back to school? These costs may all factor in to the amount of coverage you want.

Unlike many other critical illness insurance plans, Assurity’s Critical Illness Insurance doesn’t reduce your benefit or raise your premiums when you turn 65. So if you choose to buy Assurity’s Critical Illness Insurance plan, you can rest easy knowing that you’ll receive your full benefit when you need it most and not have to pay more than you thought.

If you’d just like to know how much a policy would cost for you or a loved one, you can use our quoter to get a good estimate.  

Don’t wait to purchase critical illness insurance – the best time to act is now. 

¹ Kaiser Family Foundation, Employee Health Benefits Survey, November 2021
² Internal Revenue Service, 2021 
³ Chicago Tribune, “’Unprecedented’ number of people turning to GoFundMe as a last resort during pandemic. ‘It’s like you’re putting your heart out there,’” April 2020
⁴ American Cancer Society, Cancer Facts & Figures 2020, June 2020
⁵ Centers for Disease Control and Prevention, Heart Disease Facts, September 2021
⁶ Centers for Disease Control and Prevention, Stroke Facts, May 2021

Additional disclosure information

LIMITATIONS AND EXCLUSIONS (may vary by state)

Pre-existing Condition. Pre-existing condition means a sickness or physical condition for which, during the 12 months before the issue date or last reinstatement date, the insured person received medical consultation, diagnosis, advice or treatment from a physician or had taken prescribed medication. No benefits will be paid for a critical illness that is caused by a pre-existing condition unless the date of diagnosis is after the policy has been in force for 12 months from the issue date or last reinstatement date.

Waiting Period. Waiting period means the 30 days following the issue date or ten days following the last policy reinstatement date. The date of diagnosis of a covered critical illness must be made while the coverage is in force and after any waiting period. No benefits will be paid if a diagnosis or a medical consultation that leads to diagnosis of invasive cancer or non-invasive cancer occurs during the waiting period. If cancer is diagnosed during the waiting period, benefits will be paid for a subsequent diagnosis of cancer if the insured person is symptom- and treatment-free for at least 12 consecutive months and in complete remission prior to subsequent diagnosis.

Misstatement of Age and/or Gender. If the insured person’s age and/or gender has been misstated, an adjustment in premiums, coverage or both will be made based on the correct age and/or gender. If, according to the correct age, the coverage provided by the policy would not have become effective or would have ceased, Assurity’s only liability during the period in which the insured person was not eligible for coverage shall be limited to a refund of premiums.

Misstatement of Tobacco Use. If, during the first two years of the policy, the tobacco status of the insured person has been misstated, Assurity will revise the policy’s benefit amount to the amount the premium paid would have purchased using the correct tobacco status on the issue date.

The policy will not pay benefits for losses that are caused by or are the result of an 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.

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

IMPORTANT NOTICE— 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). It is not a substitute for major medical insurance and may not be appropriate for Medicaid recipients.

This policy may contain reductions of benefits, limitations and exclusions. Click here for standard Limitations and Exclusions. Product availability, features, rates, limitations and exclusions may vary by state. The state specific policy form is the ultimate authority for any questions about this product.

*In some states, diagnosis of cancer during the first 30 days following the policy’s issue date results in a significant benefit reduction or policy cancellation. The percentage benefit amount payable for invasive and non-invasive cancer combined cannot exceed 100%.

**Heart attack does not include established (old) myocardial infarction occurring prior to the issue date, sudden cardiac arrest, cardiac arrest or cardiopulmonary arrest.

Assurity reserves the right to order, at the company’s expense, evidence of insurability which the company feels is necessary for the prudent evaluation of the risk.

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.