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What's Terminal Illness Cover?

Terminal insurance is very similar to term insurance cover but instead of death benefit it provides tax-free lump sum when diagnosed with terminal illness. Terminal illness benefit is defined as benefit paid when the estimated survival period of life assured is less than 12 months. This is certified by a medical doctor.  Purchasing this insurance gives you the security that a guaranteed amount will be paid if the unforeseen happens and you are diagnosed with a terminal illness.

Treating a life-threatening illness may require multiple visits to the hospital, that too, over a longer period. This implies that in addition to the hospitalization cost, there are different expenses to cover like travel expenses, doctor visits, medical expenses, and so on. A terminal illness cover pays a lump sum amount to cover these high expenses.

This type of insurance cover is specifically designed to financially support your family while you deal with your treatment for the terminal sickness. In addition, it enables you to focus on your recovery without stressing over the hospital bills or household expenses. Many term insurance policies today, come with terminal illness riders, allowing you to have a comprehensive life insurance in place.