Health Problems Covered Under Term Insurance: How You Can Benefit

It is always essential to take necessary precautions to be ready for medical emergencies and other unforeseen scenarios in life. This also entails taking proactive financial measures. By purchasing a life insurance policy, especially a term plan, you may ensure that your loved ones will have access to money long after you are gone.

You can even get coverage for a number of common health problems by making the proper adjustments to the term insurance benefits package. Such coverage can be a big boon for people and families all around the nation as our circumstances shift and health issues assume more importance. Let’s go over in more detail the common health conditions you can cover with a term plan.

The Benefits of Term Insurance

It may be worthwhile to go over the function that term plans usually serve once more before purchasing a term insurance policy for your medical eventualities. A term policy, in its most basic version, is a class of life insurance that provides the policyholder with protection for a predetermined amount of time. The beneficiaries of the insured obtain a guaranteed sum assured in the case of an unexpected death of the policyholder during this term. The premiums paid for term insurance are also tax-deductible up to Rs. 1.5 lakh under Section 80C.

While the primary goal of term insurance plans is to provide financial protection to your dependents in the case of your passing, this coverage may additionally be increased by adding riders. Riders are additions or modifications that can be integrated into a life insurance policy in order to broaden your protection in certain situations. The Critical Illness Rider is one of these riders. When added to a term insurance policy, it increases the insured’s coverage in the event that a serious sickness is discovered.

Some Health Problems That Are Covered By Term Insurance

The rider for critical illness, which is included in term plans, is now a must-have for most families. This rider in your term insurance scheme can provide additional monetary protection during a serious medical emergency. This is because an ailment will not occur with prior warning, and therefore having this rider can provide financial support when you need it the most. A Critical Illness rider on your term insurance policy can cover the following ailments (among many) and health conditions:

  1. Heart Conditions- Many heart problems are becoming more prevalent as a result of our stressed lifestyles. They include hypertension and coronary artery disease, the latter of which can be so severe as to cause heart attacks. Your term insurance rider may help cover the expenses of medicine, surgery, and even cardiovascular care if you get a Critical Illness plan.
  2. Diabetes- Diabetes has become one of the most widespread lifestyle diseases in modern times as a result of our changing dietary habits and decreasing physical activity. Your term insurance policy’s critical illness rider can assist with paying for expenses associated with managing diabetes, such as prescriptions and doctor visits.
  3. Lung Diseases- It is well known that behaviours like smoking can negatively affect your respiratory system, especially the lungs. Nevertheless, because of pollution, even people who don’t smoke might get conditions like asthma and COPD (chronic obstructive pulmonary disease). Your term plan may help you pay for the costs of treating such lung conditions with a critical illness rider.
  4. Kidney Diseases- Kidney-related disorders are one of the more prevalent health problems, particularly in the senior population. Renal failure and other kidney-related ailments can be treated financially with the help of such riders.
  5. Cancer- A healthcare rider like Critical Illness Benefit, when included in your term insurance plan, can assist in paying for the expenses of treating a serious illness like cancer. This coverage can assist in covering expenses for prescription drugs, procedures, tests, and other types of treatment up to a specific point.

A life insurance policy can both safeguard your loved one’s financial future and give you tax benefits. Using riders like critical illness and other health-related options may widen your scope of coverage and also get you additional tax benefits on these rider premiums under Section 80D. You may use a term plan calculator to evaluate the coverage amount that will best suit your financial objectives.

It not only results in more affordable coverage than typical life insurance coverage, but it also guarantees that you are protected in the event that you experience any of the prevalent health problems mentioned above. However, you should ensure that you go through the rider inclusions and exclusions carefully before finalizing your purchase. Also, read the terms and conditions carefully, along with all other information. This will help avoid any issues later on since you will be aware of what is covered and what is not.