Life Insurance
Life insurance is a financial product designed to provide financial protection to the policyholder’s beneficiaries in the event of the policyholder’s death. In exchange for paying regular premiums, the insurance company agrees to pay a predetermined sum of money to the policyholder’s designated beneficiaries upon the policyholder’s death.
The purpose of life insurance is to provide financial support to one’s family or dependents in case of the policyholder’s unexpected death. It can help cover funeral costs, pay off debts, provide income replacement, and support the policyholder’s family’s ongoing living expenses.
Life insurance policies can be term life insurance, which provides coverage for a specific period, such as 10, 20, or 30 years, or permanent life insurance, which provides coverage for the policyholder’s lifetime. Permanent life insurance policies also have an investment component, which accumulates cash value over time.
Critical Illness Cover
Critical illnesses that are typically covered by these policies include cancer, heart attack, stroke, and organ failure, among others. The specific illnesses covered by a policy may vary depending on the insurance provider.
To obtain critical illness cover, a policyholder typically pays a regular premium to the insurance company. If the policyholder is diagnosed with a covered illness during the policy term, they will receive a lump sum payment that can be used to cover medical expenses, mortgage payments, and other bills.
It is important to note that critical illness cover is not a substitute for health insurance, as it only provides coverage for specific illnesses and does not cover all medical expenses. However, it can be a valuable addition to one’s overall insurance plan, providing additional financial support during a challenging time.
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