Critical Illness Insurance Does Not Require You To Be Disabled To Receive The Benefit
Article by David Livingston
You can get critical illness insurance to cover for your needs. It is a term life policy which can be bought in two types:1. One can buy decreasing term life policy or level term life policy in which insurance rates keep getting lower or remain at level throughout the duration of the policy. It pays a lump sum to the person if diagnosed with one of the critical illnesses covered by the policy. 2. One can also buy a stand alone critical illness insurance policy which would serve the individual needs of the insurance buyer. It would simply pay benefits if the person is diagnosed with a critical illness.
Since it is term life, the policy needs to be kept in force by regular payment of premiums. Moreover, just as in term life, you will not get any return if you cancel out the policy or never fall sick. It does not grow any cash value and pays the benefit only if the insured event occurs and that too within the valid term. However, you can add return of premium features to the policy as rider. In that case, you will get the premium you have already paid, but nothing else.
Disability insurance policy also serves as an additional rider which can be bought with term life insurance. The difference between critical illness insurance and disability insurance is that you do not have top be disable to get the benefits of the policy. When you are diagnosed with a medical condition identified with one of the critical illnesses covered by the policy, you will be paid insurance benefits. It works in combination with term life insurance and both of the options can be bought individually or with term life insurance in keeping with one’s needs.
It is important ton know which critical illnesses are covered by your policy and make an intelligent choice of policy based on your needs. This is because not every form of critical illness insurance covers the same conditions and you need to know what you are getting before you buy the option. Some of the conditions covered by most of the policies include heart attack, kidney failure, coronary bypass, stroke, organ transplants, cancer, Alzheimer’s, Parkinson’s AIDS and HIV contracted through blood transfusion.
If you have a critical illness at the time of buying policy it may not be included in the policy. If the illness is self-inflicted in any case they are also excluded from the policy. The insurer makes sure that the illness is genuine and was contracted after buying the policy purely due to natural reasons. When an insurer promises to pay a lump sum amount for a critical illness, he faces a certain level of risk and likes to make sure that his risk assessment is not misplaced.
Although such cautious on the part of the insurer is quite understandable, they often pose quite a lot of problem for us. If you want instant coverage, they are no good for you. However, some time such instant life coverage becomes dire necessity. In such a case, you can buy a life insurance no exam. It is an instant term life insurance policy and it provides the coverage without any delay, but the premium is naturally higher than standard life insurance policies that take time to fully evaluate each case before extending the coverage.
Life insurance no exam as I have already hinted is a term life insurance policy. Like all other term life, it is valid for a stipulated term and provides a stipulated amount as the death benefit only if the insured dies within that term. As the policy is a pure life insurance policy, it does not develop any cash value and so no return can be expected if the policy expires while the insured is still alive or lapses out due to non-payment of the premium. On the other hand, no other policy is so easy to purchase. The entire procedure can be completed online only.
Life insurance no exam does not stand its ground when compared with alternate options placed at our disposal. One can get much better benefits with the help of specialized insurance options offered by certain insurers which come with competitive insurance rates and attractive features on the policy.
About the Author
Article by David Livingston of EQuote.com, a website with the best affordable term life insurance and life insurance information in the country.