Comparison of Life and Critical Insurance Policy
Life and Critical Insurance both proffer distinct advantages to an individual. If you have never wondered about such insurance policies, you are close to perfection as can be. For you, you have accepted illness cover and life insurance cover an unquestionable part of your life. However, if you worry whether these policies are key for guaranteed future or not, then you may have acceptance issues. The reasons could be to do with your insurance companies, your attitude or with your family members. Hereby, we present some major difference between illness cover and illness insurance that will help you to cruise smoothly.
Let's begin with the terminology
Life Insurance- Life Insurance lets you to deal with various issues of life and promote togetherness. It is far better than illness insurance. It operates in a simple and straight forward way that benefactors will get paid in case of untimely death of breadwinner. It is not a risk oriented policy rather the premium will be paid on the death of an individual.
With ravages of time the principle gained momentum and it was realized that it was possible to introduce an element of risk to the policy; if the mission is to provide cash benefit to the individual. A certain clause of time gained prominence and hence the policy came to be known as term insurance policy.
The phenomenal developments have allowed individuals with financial commitments to insure the family members against the risk of untimely death of an individual. Therefore, this policy won't leave your dependants in a lurch or a difficult situation.
illness Insurance
Illness Cover is good for a healthy debt free life. Confront with your company, do not stonewall or react temperamentally. Rather listen carefully and engage in a meaningful discussion. Basically, illness life insurance safeguards you against the risk of life threatening disease. The disease must be critical enough to make you paralyzed for a stipulated period of time. Generally, the diseases are mentioned in your policy document like stroke, heart attack, brain meningitis, Organ Transplant, Blindness, Disability, a variety of lesser known diseases, etc. It will pay you Lumpsum tax free amount on diagnosis of the illness. Moreover, it acts as a armory in your defenses because it protects you in case, you are unable to work, or need the specialist medical care or any other expenses that can take a toll on your family finances.
If you have illness life insurance policy in place, your family will have the comfort of knowing that they will be taken care in case of any unforeseen circumstances.
Most companies define illness insurance in different ways- some have restricted interpretation of disease and some with a wider interpretation. It is important to understand what type of illness is covered if you intend to buy from the market.
In nutshell, follow your dreams and create your own space. Your own happiness and contentment is one of the critical ingredients of a happy and successful life.
Let's begin with the terminology
Life Insurance- Life Insurance lets you to deal with various issues of life and promote togetherness. It is far better than illness insurance. It operates in a simple and straight forward way that benefactors will get paid in case of untimely death of breadwinner. It is not a risk oriented policy rather the premium will be paid on the death of an individual.
With ravages of time the principle gained momentum and it was realized that it was possible to introduce an element of risk to the policy; if the mission is to provide cash benefit to the individual. A certain clause of time gained prominence and hence the policy came to be known as term insurance policy.
The phenomenal developments have allowed individuals with financial commitments to insure the family members against the risk of untimely death of an individual. Therefore, this policy won't leave your dependants in a lurch or a difficult situation.
illness Insurance
Illness Cover is good for a healthy debt free life. Confront with your company, do not stonewall or react temperamentally. Rather listen carefully and engage in a meaningful discussion. Basically, illness life insurance safeguards you against the risk of life threatening disease. The disease must be critical enough to make you paralyzed for a stipulated period of time. Generally, the diseases are mentioned in your policy document like stroke, heart attack, brain meningitis, Organ Transplant, Blindness, Disability, a variety of lesser known diseases, etc. It will pay you Lumpsum tax free amount on diagnosis of the illness. Moreover, it acts as a armory in your defenses because it protects you in case, you are unable to work, or need the specialist medical care or any other expenses that can take a toll on your family finances.
If you have illness life insurance policy in place, your family will have the comfort of knowing that they will be taken care in case of any unforeseen circumstances.
Most companies define illness insurance in different ways- some have restricted interpretation of disease and some with a wider interpretation. It is important to understand what type of illness is covered if you intend to buy from the market.
In nutshell, follow your dreams and create your own space. Your own happiness and contentment is one of the critical ingredients of a happy and successful life.
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