How To Keep Your Family And Their Dreams Safe From Serious Illnesses?

We all care deeply about our families and do everything we can to ensure that they are happy and healthy. Given our fast-paced lifestyles and the environment we live in, getting diagnosed with an illness such as cancer have become a very real possibility. Hence, we must carefully assess our health and its implications for the future. If these facts have startled you into action to safeguard yourself and your loved ones, there is a simple and inexpensive way to do so - purchase a critical illness rider in addition to your life insurance policy.

Why Do You Need a Critical Illness Rider?

To begin with, receiving dreadful news such as a cancer diagnosis can devastate your lives emotionally and financially. To alleviate mental distress, you must receive the greatest treatment possible, backed by a customised financial strategy. As the family's earner, you can provide your spouse and children with the best possible protection plan to support them financially during these troubling days. The cost of critical illness insurance is determined by a variety of criteria, including your age, the number of diseases covered, the amount of coverage, and your medical history.

What Diseases are Covered Under a Critical Illness Rider?

Critical illness refers to major illnesses and life-threatening health disorders that damage an individual's health and disrupt daily activities, resulting in a serious loss of health and wealth. In most cases, insurance companies have a full list of illnesses that are classified as critical illnesses, which includes heart problems, hepatitis, cancer, meningitis, stroke, burns that are severe, paralysis, transplantation of organs, failure of one or more organs, speech, vision, or hearing impairment etc. These are only a few examples of critical illnesses, and they will vary based on the insurance company.

Read about: Term Insurance Riders And Their Benefits    

What are the Benefits of Purchasing a Critical Illness Rider With a Term Insurance Plan?

Critical illness insurance is typically sold as a rider that can be added to life insurance. They can also be purchased separately. Most solo critical illness policies typically have shorter terms and fewer renewal choices. Only a few of them may be able to give 5-year or longer contracts. When you purchase a critical illness rider with a life insurance policy, the rider's coverage lasts for the duration of the policy. Furthermore, combining a critical illness policy with a term plan ensures that you get a large amount of life coverage for a low price.

Take Away

You should consider factors such as potential income loss, rehabilitation time, and recurring expenses when deciding on the correct amount of critical illness insurance. Critical illnesses pose a significantly higher financial threat to our families than most of us realise. Fortunately, there are smart solutions like critical illness riders that may be added to term insurance. They can give us the financial security we require to guard against serious illnesses.

Also read: Meaning of Term Insurance Rider

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.