Critical Illness Coverage: A Vital Component of Best Term Insurance

Critical Illness Coverage: A Vital Component of Best Term Insurance PolicybazaarAverage Rating / 5 ( reviews)
200 Views

Term insurance plans are one of the most affordable and flexible insurance products amongst the plethora of tools available to safeguard one’s future. Term insurance plans are the simplest way to ensure that your family is looked after in the midst of a financial crisis while you’re not around. With the right term insurance in place you can enjoy peace of mind along with a financial security for your loved ones.  

There are several benefits of buying best term insurance plans in the UAE, these plans not only protect your family by providing a lump sum but also cover critical and terminal illnesses. The trail of life is uncertain and unpredictable and diseases might strike anyday uninformed. Therefore considering the financial security of your family it is always a wise decision to go for a term insurance plan along with add-on critical illness riders to maximize the security quotient of the plan.  

Understanding Critical Illness Coverage 

Critical illness coverage is an auxiliary insurance rider that provides a lump sum amount in scenarios where the policyholder is diagnosed with a critical illness like cancer, organ failure, etc. illnesses might result in loss of job which eventually leads to disturbed finances. The primary objective of critical illness riders is to protect your family while dealing with medical conditions and thereby huge medical bills.  

Here’s a quick rundown on some of the major critical illnesses that are covered under the rider- 

  1. Cancer
  2. Brain tumor
  3. Major strokes
  4. First heart attack 
  5. Heart valve surgery 
  6. Multiple Sclerosis 
  7. Coma 
  8. Coronary artery disease 
  9. Major organ transplant 
  10. Head trauma 
  11. Parkison’s disease
  12. Alzhiemers 
  13. Total blindness
  14. Muscular Dystrophy 

Best Term Plans that cover Terminal Illness  

Term Plan from MetLife

The MetLife term plan is an economically feasible and flexible insurance product that safeguards the family members of the policyholders after he/she is diagnosed with a critical illness.The plan offers coverage up to AED 5 million and is undoubtedly a valuable addition to a well-versed insurance portfolio. Furthermore, the plan provides an option of adding a personal accidental and disability coverage. The plan covers mortgage and premiums can be paid in multiple currencies.  

Salama Term Insurance 

In order to safeguard the future of your loved ones it is vital to have a suitable risk protection plan i.e. term life insurance. Salama offers best laid plans that ensure a blanket of coverage to protect the dreams and future of your family. Salam offers three term plans that are reliable tools to eliminate the risk of financial loss during phases of financial instability caused during your absence.  

Hemaya Plus 

Hemaya plus is a simple and flexible term insurance plan that eliminates the risk of financial instability and losses that your loved ones might come across. The hemaya plus plan from Salama is a basic term plan that is quite affordable and is shariah compliant designed for natives of the emirates. Insurance seekers can customize their plans by adding auxiliary riders such as critical illness, terminal illness, total/permanent disability, etc. The entry age is 18-74 and maximum age at the time of expiry can be 100 years.  

Baity Plus 

The Baity plus plan is a home protection plan that has been designed and built to mitigate the risk of financial losses and ensure that your home remains your property even during stressful phases. The plan comes with numerous add-on riders to provide peace and blanket of protection to your loved ones. The plan is quite flexible and allows insurance seekers to choose coverage based on their requirement. The entry age of the plan is 18-74 years and the maximum age at the time of expiry is 100 years.  

Hemayati Plus 

One of the most user friendly and convenient insurance products that offers protection against strokes of uncertainty at an attractive price is the Hemayati plan from Salama. The plan comes with negligible medical requirements and offers comprehensive coverage with maturity bonus. The entry age of the Hemayati plus is 18-59 years and the maximum age at the time of maturity is 74 years. 

International Term Assurance from Zurich International Life 

International term insurance which is valid for a specific period of time known as term. The plan provides affordable protection for individual and corporate clients in the UAE. The plan comes with additional riders in order to maximize the security quotient of the insurance policy. 

Insta Protect from MetLife 

Insta Protect from MetLife is term life insurance plans that offer hassle free financial cushioning to your loved ones to ensure that they do not have to compromise the standard of living during financially unstable phases of life. The plan provides life insurance coverage up to AED 200000, AED 350000 and AED 500000 based on the requirement of the insurance seeker. The premium of the plan varies depending upon the sum assured.  

OIC Term Protect

OIC Term protect is a pure risk protection term insurance plan that provides lump sum in case of the demise of the policyholder. The minimum entry age in the OIC term protect plan is 18 years and the maximum age for the plan 69 years. The OIC term protect plan comes with a plethora of add-on riders to provide adequate protection against unfortunate events.  

Conclusion 

Stress and modern day lifestyle are major contributing factors in causing critical illnesses at young ages. The medical treatment and recovery from these ailments requires financial assistance coupled with proper care. A suitable term insurance plan with the right add-on riders turn out to be an extremely useful tool to counter the thumps of uncertainty on the trail of life.

 

How helpful was this page?
You May Like