Having life insurance is now very common among people, as everybody has understood and realized its importance of it. A good way to go!! Does everything end here? Just buying a life insurance policy is not everything you need to do, but you must be totally aware of the policies, the benefits you can reap from it, the coverage and claiming possibilities, the riders and their benefits, and much more. Very important in this list is the critical illnesses coverage, and Benefits of a Critical Illness Policy which is the major predominant one, but unfortunately not everybody is aware of it.
It is one of the most important benefits that any life insurance policy has to give to its policyholders, but not all agents uncover it to you. Here comes the responsibility of the individual policyholders to seek the details that can be avail as part of their policy.
Policies can Repay Your Medical Bill
Critical illnesses such as cancer, paralysis attack, heart attack, heart surgery, and organ transplantation are not only mentally and physically torturing, but also financially. No worries but, because your life insurance policies give you critical illnesses coverage for the whole amount of your treatment, your financial worries can go in vain.
Mortgage Coverage
Under your life insurance policy, if the insurer is diagnosed with a life-threatening disease, the policy not only settles your hospital’s bills but also settles the mortgage loans that the insurer has in his/her name, so their dependents need not face the burden of repaying the mortgage.
Premium Amount
When purchasing your life insurance policy, you will have to undergo a medical test, determining the result of which the policy premium amount will be decided. When certain diseases are diagnosed during the medical test, based on the severity of the disease, the premium amount might vary.
Not everybody knows these benefits and makes the best use of them, which is where the really pathetic condition is. It is the sole responsibility of the insurer to know the in and out of his policy and get the benefits from it.
Check out this article Also: Benefits of a Critical Illness Policy