Life insurance is a means of financially protecting the ones you love most. It allows you to leave your dependents a cash lump sum that’s paid out when you pass away.
Life insurance can offer financial protection for your loved ones when you pass away. But, life insurance with critical illness cover can protect you while you’re alive too. By taking out life insurance with critical illness cover, you are protected if you are diagnosed with a critical illness or you become seriously injured to the point where you can no longer provide for your family. It’s a means of securing financial support for you and your loved ones if the worst should happen. The cost of your monthly premiums will depend on your age, your benefit amount, your policy term and your health. During the application process, insurers will ask questions based on these factors to determine the cost of your monthly premiums. Since providers offer different deals, it’s a good idea to compare to find the right cover, at the right price.
You agree on how much cover you would like, how long you want it to last and who will receive the benefit amount. As long as you keep up with your monthly premiums. When a claim is made, you or your beneficiaries will receive a cash lump sum. This type of insurance policy pays a benefit amount to your loved ones if you die or a tax-free lump sum to you if become critically ill.
If you believe your family may face financial hardship without your contribution to the household, then it’s worthwhile considering life insurance. Life insurance offers financial security for you and your family whether you pass away, or you become seriously ill or injured. In a nutshell life insurance with critical illness can make things easier for you and your loved ones during a difficult time.