Life Insurance with Critical Illness
Research shows that the likelihood of suffering from serious illness is four times than the likelihood of dying before the age of 65 years of age. Thus, it is very important to have life insurance with critical illness cover.
This policy pays a tax-free lump sum amount to the insured in case they are critically ill. This policy covers a certain conditions but most of the common critical illnesses, like cardiovascular disorder, multiple sclerosis kidney failure, and cancer are included. You are entitled for the payment only after you survive with the critical illness for one month, although it may vary from policy to policy.
Benefits of life insurance with critical illness
- This policy is best as you are covered for death and terminal illness during the policy tenure.
- This policy entitles you to cash lump sum if you are diagnosed with critical illnesses. You can use this money to pay for your debts, holiday or plan the finances.
- Your children are also covered for no extra cost. That is if your child is diagnosed with critical illnesses that are included in the policy, the cash is paid.