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5 Common Health Issues That Can Be Covered Under Term Insurance

5 Common Health Issues That Can Be Covered Under Term Insurance

Health Issues Covered by Term Insurance

If there is anything that the current pandemic outbreak has put in sharp focus is that as individuals, we must take all measures to be prepared for medical emergencies. This involves taking active financial steps as well. By investing in a life insurance plan, particularly a term plan, you can assure financial coverage for your loved ones even in your absence.

By making the right customisations to your term insurance plan, you can even avail coverage for a variety of common health issues. As our lifestyles change and health concerns become a prime priority, such coverage can prove to be a huge benefit for individuals and families across the country. To that end, let us discuss in detail how and for which common health issues you can avail term insurance:

What is Term Insurance?

Before availing a term insurance plan for your health issues, it might be worth revisiting the purpose that term plans typically serve. In their simplest forms, term plans are a type of life insurance plan that offer coverage to the policyholder for a fixed period of time. In the event of the untimely death of the insured during this period, his or her beneficiaries receive a death benefit.

Term Insurance with Critical Illness Rider

While term insurance plans serve the prime purpose of providing financial coverage to your beneficiaries in the event of your demise, this coverage can also be enhanced by the addition of riders. Riders are attachments or amendments that can be made to your life insurance plan in order to extend your coverage under specific circumstances. One of these riders is the Critical Illness Benefit Rider. When incorporated into the term insurance plan, it extends coverage for the insured in the event he or she is diagnosed with a critical illness.

Term Insurance Coverage in India

Depending on the insurer, the list of critical illnesses for which you can enhance your term insurance coverage can vary. However, there are few common health issues that are essentially covered by most term insurance plans, provided you opt for a Critical Illness rider.

Common Health Issues Covered by Term Insurance

Here are five of the most common health issues and illnesses for which your term insurance coverage can be extended with a Critical Illness rider:

  • Diabetes: One of the most common lifestyle diseases in today’s time, diabetes has become prevalent due to our changing diets and reduced physical exercise. A critical illness rider with your term insurance plan can help cover costs to combat diabetes such as medicines and doctor visits.
  • Heart Conditions: Due to our stressful lifestyles, an increasing number of people are developing a variety of heart conditions. These include high blood pressure, coronary artery disease which in severe cases can even result in heart attacks. If you opt for a Critical Illness cover, your term insurance can help cover for the costs of medication, surgeries and even cardiac rehabilitation.
  • Kidney-Related Diseases: One of the more common health issues, particularly in the elderly population, are kidney related diseases. Term insurance plans with Critical Illness riders can help provide financial assistance for treatments of such kidney related diseases including renal failure.
  • Lung diseases: It is widely acknowledged that habits such as smoking can have an adverse impact on your respiratory system, particularly the lungs. However, due to pollution, even non-smokers can develop illnesses such as asthma and Chronic Obstructive Pulmonary Disease. With a Critical Illness Rider, your term insurance can help you cover for the expenses of developing such lung diseases.
  • Cancer: Your term insurance, along with a medical rider like Critical Illness Benefit, can also help cover the costs of treatment for a grave illness like cancer. Up to a certain stage, this coverage can help cover costs for medications, surgeries, tests and various forms of treatment.

Conclusion

A life insurance plan, in its most basic form, can insure your life and secure the financial future of your loved ones. But term insurance, along with the benefit of riders such as Critical Illness, can go above and beyond that security. Not only does it make for a more economical policy than traditional life insurance plans, but also ensures that you will be covered in case you develop any of the common health issues listed above.

If you are seeking the ideal term insurance that offers the right riders and benefits, consider investing in the iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce. The term insurance plan covers death and critical illness and pays out benefits in case of death or on diagnosis of Terminal Illness, whichever happens earlier. In addition, it offers various additional benefits such as Accidental Death Rider and Child Support Benefit Rider. It also offers several useful features such as return of premium and tax benefits on premiums paid.

Speak to an insurance specialist now!

Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance plan doesn't offer any payout after maturity or expiration date

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance plan riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term insurance plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while Buying the Best Term Insurance Plan?

  1. 1. Are you buying a term plan with return of premium?
  2. 2. Amount of premium you have to pay based on your age, habits, education, and monthly income
  3. 3. The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
  4. 4. How to save money on tax if you pay for the term life insurance plan?
  5. 5. Do they offer regular income options?
  6. 6. Can you change the coverage and premium in the future?
  7. 7. Does the claim consider valid if death occurs outside India?
  8. 8. Which kind of death is not covered by a term insurance plan?
  9. 9. Can NRIs take a term insurance plan? If yes, what are the conditions?
  10. 10. Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
  11. 11. Under what circumstances can a term insurance plan be cancelled?
  12. 12. Can I pay the premiums online or make electronic payments?
  13. 13. What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?
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