Life Insurance and Critical Illness Cover: What Are They?
Are you sure of what will happen to the future in case you become incapacitated after a disease? Are you not afraid of what will happen to your family if you suddenly die? Will you be leaving them with a great burden? Are you assured of their future? If not yet, then you should think about getting Life Insurance and Critical Illness Cover.
If you don’t know the ropes about insurance yet, then this might help you. Life insurance is an arrangement between an insurance company and a policy holder wherein, in the event of the policy holder’s death, a chosen beneficiary or beneficiaries will receive an agreed sum of money. In other cases, life insurance also applies to insured persons who suffered from terminal illnesses and to those insured who loves beyond a certain age (still depends on the policy and contract). Critical illness cover, on the other hand, is an agreement wherein the insured person receives cash when diagnosed with a critical illness provided that this critical illness is listed in the policy. Some examples of the illness that might be covered are Alzheimer’s disease, HIV/ AIDS, blindness and major organ transplant. Unlike the life insurance, the policy holder is the beneficiary of this insurance. With this type of insurance, you, the insured person, get to decide where and how you will spend your money – whether paying off your debts and mortgages, paying for hospital bills and recovery needs or changing your lifestyle. It’s all up to you.
Having said all those, I suggest that you get both Life Insurance and Critical Illness Cover because you can breathe well knowing that you’ll be leaving your family burden-free.
