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:
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.
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:
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 + 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.
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