There are different types of term insurance plans. While some of them offer the basic level of protection, some may offer an added degree of protection. You can speak to your insurer and customize the term coverage and plans to suit your needs.
Standard term insurance provides you with a fixed amount or sum assured to the insured beneficiaries in the event of death. But, many people who seek an added heath security customize their term plan by expanding the coverage and including riders like the best critical illness policy.
How Is Critical Illness Policy Added To Term Insurance?
With the rising number of Critical Illness cases worldwide, such as cancer and heart ailments, having the best Critical Illness Policy has become crucial. As per WHO data, the biggest killer is ischaemic heart disease, which accounts for 16% of the total deaths in the world. Stroke and chronic obstructive pulmonary diseases are the other two leading causes of death.
Treatment for such prolonged and emotionally distressing diseases not only disturbs the person but creates financial havoc too. Many people face a cash crunch when they get into critical illness conditions such as stroke, cancers, paralysis, major organ failure, etc. While a basic term insurance plan will only cover death or terminal illness, if you equip your policy with the best critical illness policy rider, you will be able to concentrate on the recovery without worrying about the medical expenses.
If you are also one of those who wants maximum financial protection, looking at the rising number of diseases and exuberant medical costs, then consider adding the best critical illness policy to your term insurance. A term insurance plan that usually covers only death and terminal illness can be expanded easily to add a critical illness rider.
The best critical illness policy will provide you with maximum coverage. Depending on the policy and the insurer, you can get coverage for more than thirty major critical illnesses. If you go for the critical insurance rider with term insurance, you can cover yourself against the most common critical illnesses. The coverage can be increased and decreased as per your needs and budget.
Having a critical illness policy with your term insurance policy may make the premium more expensive, but at the same time, you get a comprehensive plan which is extremely beneficial for your future.
Should You Buy the Best Critical Illness Policy With Term Insurance?
So, if you are still thinking should you or shouldn’t you buy the best Critical Illness Policy with your Term Insurance, then the answer is – “yes, you must”. If you have not taken critical illness as a stand-alone policy, then it is wise to add this rider with your insurance and avail extra benefits.
Critical illness coverage as a part of term insurance has many benefits. Unlike a health insurance plan that covers your hospitalization expenses, in a critical illness plan, you get a lump sum amount on the diagnosis of the disease. You can use this money to cover the costs of medicines and also routine expenditure.
Since critical illnesses account for more than half of the total deaths in India, buying term insurance along with critical illness cover is a wise decision. In addition, you will also get double tax benefits as the premium paid is eligible for tax deduction under both Section 80C and 80D.
You must also know that many reputed insurance companies such as Care Insurance provide a term plan with critical illness coverage offering higher cover at lower premium rates. Thus, you can get the maximum coverage with valuable benefits at affordable prices to suit your financial profile.
Efficient Financial Planning
As we all know, life is unpredictable, so we must remain prepared to manage the health emergencies and the physical and mental turmoil that comes with them. The difficult times do not only mean expensive hospitalization bills, but it can also lead to loss of the income source as you might be unable to work. All of this impacts your financial situation heavily.
To avoid this from happening, you must choose a reputable insurance provider such as Care Health Insurance who offer some of the best critical illness policy benefits, which can protect you and your family and enable you to manage steep hospital bills. Choosing the critical illness policy rider along with your term insurance is certainly going to support you in the long run.
