Have you considered buying a critical illness insurance policy? This article sheds light on the reasons why you should.
There is no way to predict how healthy you will be in the future. A serious illness affects not just you, but it also puts your family in peril. You can protect your collective future by buying a critical illness insurance plan.
What is critical illness insurance?
Essentially, a critical illness insurance policy, as the name suggests, is a life cover for serious illnesses. This critical illness cover is extended for certain diseases and illnesses only, as enumerated by the insurance provider whose policy you have taken.
The insurance provider defines a critical illness as a health condition that prevents the policy holder from making an income for a temporary or permanent space of time. The critical illness cover also accounts for the high costs of treating a serious illness for a long time. Hence, it is a policy that pays for the lost income due to illness, as well as the costs of treating the same.
Thus, it offers the financial coverage that a usual health insurance plan will not provide. This is essential if you have a history of certain serious illnesses in the family. For instance, if there have been cases of pulmonary illness, or a genetic strain that causes renal failure, then there are chances that you might get the same illness, too. In this case, taking a critical illness insurance cover should be your priority.
What is term insurance with critical illness?
Let’s now consider what it means to buy term insurance with critical illness component.
The leading life insurance providers today offer term insurance plans with a critical illness factor ingrained in the policy. What this means is that you get the dual benefits of a term plan, with the added benefit of critical illness cover.
A term plan is a pure life insurance policy that offers a large lump sum pay-out to your family members in case of your absence while the policy is still active. Most term plans only have a simple death benefit without maturity benefit structure. There are often no other benefits or riders in-built in the policy.
This is where the term insurance with critical illness benefit scores above other policies in its class. It offers an increasing annual life and critical illness coverage as you age, to adjust for increasing income and lifestyle expenses. It pays out a lump sum amount of money if you are diagnosed with any of the 36 critical illnesses as covered by the policy.
Also, all forthcoming premiums are waived off upon diagnosis of the critical illness. However, the policy still remains active. This is an extremely important benefit to consider.
Thus, you are assured that you and your family members are taken care of in case you are struck by a serious illness that threatens your life and also your income.
So you must have come to an idea about how important is the Critical Illness and how an Critical Illness Insurance plan can come in handy. If you would like to share more about this topic, kindly do so in the comments section below.