Life insurance plans are generally easily obtained for people who are healthy and do not suffer from any preexisting conditions or diseases. Even term insurance, which is one of the more affordable types of life insurance, is easier to purchase for people who do not suffer from any pre-existing conditions.
However, if you or someone you know already suffers from a critical illness, obtaining a life insurance cover may be a bit more difficult. This is because most insurance service providers have strict terms and conditions regarding life insurance for someone with a critical illness.
So, can someone with a critical illness buy a life insurance policy?
In some cases, the answer is yes. As long as any applicant with a pre-existing critical illness fulfils the requirements laid out by the insurer, it may be possible to invest in a life insurance plan.
The bottom line is that insurers need to be aware of the risk involved in selling a life insurance cover to an applicant. And for people with a critical illness, that risk is significantly greater, since the probability that the insured person may pass away during the policy’s term is also higher. So, when it comes to offering a protective life cover to people with a critical illness, most insurance companies have certain rules and regulations in place.
What are some examples of critical illness?
While the exhaustive list of conditions considered as critical illness may vary from one insurer to another, here are some examples of what this category may include.
What to keep in mind before buying a life insurance policy when you have a critical illness?
Investing in any of the different types of life insurance when you’re healthy is a straightforward process. However, if you or someone you know suffers from a critical illness, the process involved in buying life insurance is a tad bit different. Here are some important things you need to keep in mind before you decide to buy a life insurance plan for someone with a critical illness.
If you have not been diagnosed with a critical illness, but suspect that cancer or heart disease runs in your family, you can hedge your future by obtaining a critical illness rider on your life cover. This rider makes you eligible for lumpsum or periodic payments if you’re diagnosed with any critical illness during the term of the policy.
Canara HSBC Oriental Bank of Commerce offers the iSelect+ Term Insurance Plan, which is one of the most affordable types of life insurance. The benefits of this policy include accidental death and total permanent disability cover, so you can secure your future in case something untoward happens. You can also avail the benefits of spousal cover, maturity benefits and a variety of different payout options.
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