We are so busy running our daily lives that we often forget to take care of our health. With regular work, years of stress, an inactive lifestyle, and pollution, our body starts to lose its immunity power, ultimately driving us towards pressing dangerous health complications in the future, resulting in terminal illnesses.

The diagnosis of terminal illness can have a debilitating impact on one’s life and family. Not only emotionally but financially too. Doctor treatments, medical bills, hospital visits, surgeries, medications – there are so many expenses to bear. 

Managing these expenses often becomes a challenge. Hence more and more people are opting for health insurance cover to help them compensate for handling day-to-day expenses while simultaneously maintaining their treatment without breaking the bank.

With that being said, if you’re new to health insurance and terminal illness covered in term insurance, you’re at the right place. Here we will walk you through the concept in detail and help you understand what exactly it is and how it can protect your future.

What is a terminal illness?

Terminal Illness refers to an illness or condition that is not responsive to medical treatment (or cannot be cured) and is likely to cause death within no more than a year. 

Also referred to as life-limiting illness, terminal illness includes:

• Advanced cancer
• Advanced End Stage Senescence or Debility.
• Liver Diseases
• Lung diseases 
• HIV
• Neurological diseases, like Parkinson’s
• Advanced heart disease 

Terminal illness can happen to anyone at any time. The financial stress it adds to one’s family is massive. The ideal way to safeguard yourself and your family against such situations is through the best-term insurance plan. Health Insurance takes the financial burden off your shoulders – and you can carry on your treatment without worrying much about the finances.

What is a Terminal Illness Cover?

When purchasing any health Insurance, terminal illness coverage is a rider (an addition) to the existing health insurance policy that provides financial coverage in the event of a medical emergency. 

Terminal illness can kick in time. Therefore it is wise to have an added rider in your insurance policy to benefit you during emergencies. In simple words, terminal insurance covers strengthen your health Insurance by providing you with extra financial benefits.

Terminal Illness cover is designed to bring you relief from financial burden so that you can concentrate on your treatment rather than worrying about your hospital bills. When one is insured with the best term insurance plan with an added rider of terminal illness cover, they get a lump sum amount of money anytime they are diagnosed with terminal diseases mentioned in the policy. 

Terminal Illness covered in Term Insurance

Firstly, you must know that terminal illness coverage is very similar to term insurance. But the only difference is that anytime you are diagnosed with a terminal illness, you get a tax-free lump sum amount of money without a death benefit.

Coming to the point, terminal illness cover in term insurance means anytime you get a term insurance rider with your terminal illness cover, you get added financial protection (along with your guaranteed insurance cover) to give you the financial cushion you need during emergencies.

Why Should You Consider Terminal Illness Cover in Term Insurance? 

Here are reasons (also benefits) why you should consider getting terminal insurance coverage in term insurance:

Supplement one’s income

Combined with term insurance, terminal insurance cover provides additional benefits along with a standard medical insurance policy, giving you security against unforeseen circumstances.

Also, term insurance plans have a premium return option. If you’re unsure about it, contact the best financial advisors in India and discuss it with them in detail.

Dual Tax Advantages

Terminal insurance cover added with term insurance gives dual tax benefits to the insured. How? Insurance premiums paid in terminal insurance cover and also term insurance are exempted under sections 80D and 80C of the Income Tax Act, 1961.

Larger Sum is assured with lower premium rates 

Term insurance with terminal insurance cover gives you a higher coverage amount and the most reasonable premium rates. 

Closing Thoughts 

Life is uncertain! Diseases can happen anytime without any warning, and during such situations coping with the trauma, added to the final stress, is the worst thing for one to experience. So secure yourself and your family by acquiring the best term insurance plan with terminal Illness coverage. It will protect you and your family from unexpected accidents in the future.