Life insurance Cover

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Sanjay Mathew has 8 Published Articles

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Life insurance Cover

Posted On : Sep-24-2010 | seen (571) times | Article Word Count : 538 |

Out of the many variety of life insurance policies available to the common man, not many are designed specifically to address the health problems like stroke, cancer or kidney failure.

A basic life insurance policy financially safeguards against the risk of loss of life of the insured, sometimes the sole income earner for a family. But most people ignore or forget to consider the risk arising out of a critical health condition that might affect the earning capacity of the bread winner drastically for a long period or permanently.
With changing lifestyles, increasing pressures and natural evolution in general, the incidence of rare and severe illnesses has increased many fold in all age groups. Heart attacks, blockages and organ transplants have become more frequent and may occur in anyone from children to young adults and older people. The question that arises is: are we financially prepared to deal with such health problems? With high incidence of attacks in the young working population, the fear of family being left with no regular source of income has become quite realistic. It is prudent to opt for some form of critical illness coverage to safeguard your family and yourself in case of any health eventualities.
• Critical Illness Rider: Most life insurance companies offer this rider that can be attached to any base policy at slightly increased costs. The number and types of health conditions covered vary for different insurance companies, but most basic illnesses like heart attack, stroke, cancer, coronary surgery, kidney failure and organ transplants are generally covered. Some insurers also offer customized riders to cover specific illnesses. It offers extra financial support over and above your base policy and can be available to meet immediate monetary treatment costs. The rider is normally available till the age of 60 -65 years or until the base policy matures, as is mentioned in the rider brochure at the time of opting for it. The rider usually comes into effect if the insured survives the passage of atleast 30 days from diagnosis of illness. The critical illness rider will be void if the illness it covers is diagnosed within 90 days of taking or reinstating the policy. It also expires when the insured reaches maximum age until when the rider is allowed, if the base policy expires, is surrendered or becomes paid up. Also, once a claiam is made on the rider, it lapses.
• Health Insurance: Most critical illnesses can also be covered through general health insurance. The coverage is generally available for periods ranging from 1 – 5 years or according to guidelines of individual insurers and mostly cover the hospitalization cost. A major drawback of opting only for general health insurance is that it falls short of providing a cushion for the lifestyle impact that a critical illness may cause. The benefits offered by health insurance policy are minimal in case the insured loses earning power due to illness.
Critical Illness Coverage: Most stand alone critical illness policies taken specifically to cover such illnesses provide the assurance of policy benefit within a short period of diaganosis with no waiting period or survival clause. Such life insurance policies can be taken for long periods like 15 – 20 years and they generally cover 10 to 12 major illnesses. Besides financial cover, the policy also offers tax benefits under Sec. 80 D.

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<h1>Life insurance Cover</h1> Author: <a href='http://www.articleseen.com/profile_Sanjay Mathew.aspx'>Sanjay Mathew</a> A basic life insurance policy financially safeguards against the risk of loss of life of the insured, sometimes the sole income earner for a family. But most people ignore or forget to consider the risk arising out of a critical health condition that might affect the earning capacity of the bread winner drastically for a long period or permanently. 
With changing lifestyles, increasing pressures and natural evolution in general, the incidence of rare and severe illnesses has increased many fold in all age groups. Heart attacks, blockages and organ transplants have become more frequent and may occur in anyone from children to young adults and older people. The question that arises is: are we financially prepared to deal with such health problems? With high incidence of attacks in the young working population, the fear of family being left with no regular source of income has become quite realistic. It is prudent to opt for some form of critical illness coverage to safeguard your family and yourself in case of any health eventualities.
•	Critical Illness Rider: Most life insurance companies offer this rider that can be attached to any base policy at slightly increased costs. The number and types of health conditions covered vary for different insurance companies, but most basic illnesses like heart attack, stroke, cancer, coronary surgery, kidney failure and organ transplants are generally covered. Some insurers also offer customized riders to cover specific illnesses. It offers extra financial support over and above your base policy and can be available to meet immediate monetary treatment costs. The rider is normally available till the age of 60 -65 years or until the base policy matures, as is mentioned in the rider brochure at the time of opting for it. The rider usually comes into effect if the insured survives the passage of atleast 30 days from diagnosis of illness. The critical illness rider will be void if the illness it covers is diagnosed within 90 days of taking or reinstating the policy. It also expires when the insured reaches maximum age until when the rider is allowed, if the base policy expires, is surrendered or becomes paid up. Also, once a claiam is made on the rider, it lapses.
•	Health Insurance: Most critical illnesses can also be covered through general health insurance. The coverage is generally available for periods ranging from 1 – 5 years or according to guidelines of individual insurers and mostly cover the hospitalization cost. A major drawback of opting only for general health insurance is that it falls short of providing a cushion for the lifestyle impact that a critical illness may cause. The benefits offered by health insurance policy are minimal in case the insured loses earning power due to illness.
Critical Illness Coverage: Most stand alone critical illness policies taken specifically to cover such illnesses provide the assurance of policy benefit within a short period of diaganosis with no waiting period or survival clause. Such life insurance policies can be taken for long periods like 15 – 20 years and they generally cover 10 to 12 major illnesses. Besides financial cover, the policy also offers tax benefits under Sec. 80 D. 
About the Author: We represent one of the top life insurance company India. Our product ranges from life insurance, <a rel="nofollow" href="http://www.inglife.co.in/productcenter/productcenter-retirement-goldlife.shtml">pension plan</a>, child education plans and many other financial planning products. Our online advisers and calculation tools will help you to pick the best <a rel="nofollow" href="http://www.inglife.co.in/pua/index.aspx">insurance policy</a> that meets your requirement. Article Source: <a href='http://www.articleseen.com/Article_Life-insurance-Cover_34550.aspx'> http://www.articleseen.com/Article_Life insurance Cover_34550.aspx</a>

Article Source : http://www.articleseen.com/Article_Life insurance Cover_34550.aspx

Author Resource :
We represent one of the top life insurance company India. Our product ranges from life insurance, pension plan, child education plans and many other financial planning products. Our online advisers and calculation tools will help you to pick the best insurance policy that meets your requirement.

Keywords : life insurance India, financial investment planning, ulip, pension scheme, pension plan, insurance policy, child education, l,

Category : Finance : Insurance

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