Term Life Insurance for Seniors and Critical Illness Cover

There are different types of term life insurance for seniors. One of which is critical illness cover. This can be bought alone or can act as a rider in an insurance plan. In a nutshell, this will give you coverage during the time when you are in bed and cannot provide for yourself. As per the provisions of term life policies, your family can only claim for the benefit due to them upon your demise so they cannot receive a cent when you are just sick even if the ailment is considered as terminal. This article will explain to you what critical illness cover is and how it can help you. 

• It comes in two forms. –this policy can be bought alone or together with a term insurance in order to boost the coverage that it will provide you. When it served as a rider in your plan, you would be given security when you get terminally sick and after your death. The beauty of this combination is that you will have forced saving for your treatments. This will ease your family’s burden as hospital bills have been sky-high for some time now. They will no longer be looking for funds for your medical bills if you have prepared for it beforehand. 

• Premiums of two-in-one life plans –if you wish to get life insurance quote on line for a two-in-one policy, i.e. life insurance plan and critical illness cover combined in one, you will find it higher than usual. However, this does not necessarily mean that they are costly. In fact, if you will pay the premiums of two separate plans, you will find that it is more expensive when you get the total of the two. You will be able to save in combo policies. This feature is what the insurance companies have been capitalizing on so that they can lure the prospective policyholders to buy such “hybrid” plans.

• The sicknesses that it normally covers –there are only certain illnesses that this plan covers. Some are terminal while some are not. Nevertheless, such ailments are all life-threatening. Among the sicknesses covered include cancer, by-pass surgery of coronary artery, and failure of kidney, heart attack and transplant of any of the major organs. This list can differ from one insurance company to another so it is very important to verify if the insurer that you prefer covers the sickness that you have. Otherwise, you would just be wasting the money you worked hard for. 

• Exclusions –critical illness cover also have some exclusion. For example, they might not cover a sickness that has turned very severe. It is not enough that you asked the insurance company if they would accommodate a certain ailment. Do not fail to remember asking for pertinent questions. Decide if there will be a hassle in your present and other possible situation you may be in eventually or you would rather get a life insurance no medical exam plan. Read everything that your documents say before you sign it or before you start paying for the first premium. Most importantly, make sure that you understood it.

• Medical test will be a must. –it would be necessary that you undergo a medical examination if you want your life insurance to have such rider for obvious reasons. How will the insurance companies determine if they will approve or decline your application or if critical illness cover is for you? This will also affect your premium. The more treatments that your sickness requires, the higher chances you have in paying for sky-high premiums. Prepare yourself for a medical test the moment you have decided that you will want to opt for one. Kindly ask your doctor to certify the documents proving your claims if you have been undergoing treatments for some time already.

• The underwriting process –the underwriting process of these combined policies will normally take longer than it has to. This is because there are more things that the insurance companies would have to consider. Bear in mind that there are two policies that you are applying for so do not be surprised if it will take a couple of months.

The elderly will find critical illness cover appropriate for them as when people get old, the bodies grow weaker and they are the ones that are susceptible to ailments.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term insurance and instant term life insurance quotes, visit his site today.