Getting Life insurance If You Are Not So Healthy
Whether you are fit or slightly unfit, you need to get a life insurance policy. Life insurance isn’t a luxury any longer – it is a complete necessity. So, if you feel you are not at your healthiest best, don’t allow that to hold you back. You still can get one of the best life insurance plans. In fact, as an unfit person, you should make getting life insurance a priority. If anything were to happen to you, your family could use the sum assured to carry on with their financial duties. Take a look at this article to know more about life insurance for unhealthy people and why it is so important.
Important of life insurance for unhealthy persons
Here are some very crucial reasons that tell you why an unhealthy person needs to invest in one of the types of life insurance right away:
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To keep your family financially safe
A person with some pre-existing health disorders may be at a higher risk to get a serious illness and even pass away. If he or she is the primary breadwinner of the family, it would become very difficult for the dependent members to bear the loss. Keeping this in mind, the need for life insurance becomes all the more significant. If you find yourself in a similar situation, get a life insurance plan right away.
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To cover loans and mortgages
Most people these days have loans and mortgages. From personal loans to home loans, an average person spends a considerable chunk of his salary on paying EMIs. If you too are in the same situation, get a good life insurance cover immediately. With your unstable health, anything can happen. Then, your family may struggle to clear your loans. In the worst-case scenario, they may even end up losing the house due to non-payment of the home loan. Save your loved ones from such troubles and get a good life insurance cover.
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To get tax benefits
Tax benefits are a handy advantage of life insurance. Whether you are fit or unhealthy, this benefit will be given to you as soon as you get a life insurance plan. Make full use of it and successfully save your hard-earned money. You can get a tax rebate of up to INR 1.5 lakhs a year for the life insurance premium you pay under Section 80C.
As you can see, these are very important reasons why you should get a good life insurance policy if you haven’t done so already.
Choosing the best life insurance for an unhealthy person
If you are looking for the best life insurance policy for yourself when you are a bit unhealthy, here are some good options for you:
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Term insurance
Term life insurance is a very good option here. Since you are unwell, your life insurance premium will be higher. But term insurance, in general, is inexpensive, so even with the higher premium, you will be able to afford the term cover and successfully keep the financial wellness of your loved ones protected.
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Endowment insurance
The endowment plans are always good as they offer fixed benefits. Compare your options and see which life insurance company has the best enrolment plans according to your requirements.
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ULIP
ULIPs allow you to generate wealth at a higher pace while keeping your life safely insured too. If you feel your time is less or you need to build a higher corpus, consider getting a ULIP.
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Child Plan
If something happens to you, who will pay for your child’s education? If this has been bothering you, you need to invest in a good child plan right away. It is one of the best life insurance plans to have for parents who worry about the wellness of their kids after their death.
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Retirement plan
Just because you are a bit unfit doesn’t mean you will die tomorrow! You can still lead a healthy life and live a full life. Keeping this in mind, you should consider investing in a retirement plan that will help you to save, build up a retirement corpus while it insures your life too.
Points to remember when getting a life cover
If your health is unstable, you will have to go through medical tests before you buy the plan. Also, the premium will be higher. Leep the following points in mind:
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Agree to the clauses
The life insurance company will offer some complex clauses on your life cover. You may have to go through several health checks, pay a higher premium and your list of exclusions may be higher too. Even then, you should get the life cover and agree to the terms and conditions. Once that is done, you will be assured of keeping your family safe for the longest possible time.
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Be open and honest
You may be tempted to lie about your health condition fearing the higher premium or the rejection of the application. Never make this mistake. Be completely open and honest about everything when you apply for life insurance. Even a small lie or mistake at this stage can cause severe problems for your family at the time of a claim.
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Consider getting riders
There are some life insurance riders such as the critical illness or the disability benefit rider that can prove to be very beneficial for you considering your health condition. Definitely opt for the best riders and increase the scope of your cover. This will make your life insurance policy work for you in the best possible way.
By following these measures, you will get a good and comprehensive cover. After that, even if something happens to you, your family won’t face any challenges in getting the claim.
The final word
Getting life insurance is important for everyone, but it is all the more important for an unhealthy person. If you have certain health issues, do not ignore them. Get them tested while you also remember to get the proper life cover with the required riders. This will help in keeping you and your loved ones safe.
