Life insurance and Critical illness cover |
Life insurance and Critical illness cover
Life insurance policy is the most popular and simple way to protect your family and loved ones financially. One can avail the facility of involving the Critical illness cover along with the life insurance policy by paying an extra additional cost. It gives your family the protection as the worst can happen anytime. The policy offers lump sum money to repay the unpaid balance on repayment mortgage if one die or suffered from critical illness. It can be opened with single or joint life cover.
If one is diagnosed with any one of the specified disability or illnesses within the fixed term of the policy, the complete amount of money is paid out. The period of time one decides to insure the money is known as the term. Depending on the age of a particular person when he wants to buy the policy, the terms are divided accordingly as for guaranteed premiums between 2 and 25 years, for reviewable premiums between 2 and 35 years.
If one dies during the time period of policy, the complete money will be paid. Many people want that their policies to be paid out as multiple of their income, as they have to think of their dependents and loans that are yet pending. If one is having a life insurance cover and diagnosed for a serious illness (not going to survive for more than 12 months) can receive benefit at any time.
In case of total permanent disability also this benefit can be achieved any time. If your children of the age between 3 to 17 years facing severe critical illness can get illness coverage of 25% of the benefit amount.
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