The benefits of a life insurance plan are well-documented. A plan which ensures your nominee’s financial security in case of your demise for the exchange of regular premium payments, the idea is simple and yet so effective.
However, with the rise in unhealthy lifestyles and stresses, one shouldn’t stop with the purchase of a plain-old vanilla insurance plan. What they should go for instead is a term insurance with health benefits.
A few insurance plans offer these health benefits as an add-on critical illness option while some attach it as an inbuilt terminal illness feature of their plan. Whatever be the case, they are a must to have. Here is why.
- Face Terminal Illnesses Without Worry
Whenever one is diagnosed with a terminal illness, the main cause of worry is the medical bills; these illnesses are expensive to treat. With insurance plans that offer cover for such illnesses, a certain percentage of the total sum assured is paid as a lump sum amount upon diagnosis.
- Premiums Are Waived Off Too
A term plan pays out a percentage lump sum of the total sum assured upon diagnosis of a terminal illness. While this is an effective benefit, there is one more. Most plans suspend future premiums upon diagnosis. The policyholder can use the premium money towards the treatment charges or day to day expenditures.
- Alternate Income Source
A terminal or critical illness is one that requires recurrent treatments. This hampers the patient’s ability to enjoy sustained employment and makes him financially weak. With the assured lump sum payout, not only can the policyholder ensure regular treatment but use the sum to manage household expenses—an income replacement.
- Includes Disability and Accidental Death too
Make sure to go for a term plan that offers riders for disability and accidental death too. These riders will pay out an appropriate sum in case of the above-mentioned incidents take place. It will assist the policyholder with finances while disabled or the family’s finances in case of the policyholder’s demise.
Life insurance is important but it is time to upgrade it with health benefits. After all, we live in times where stress and disease are the new commons.