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Endowment Serious Illness Cover

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Endowment Serious Illness Cover

The hectic lifestyle of today’s people has left their life in jiffy, thus increasing the need of taking up a beneficial insurance policy that can help in meeting urgent medical needs. The serious illness cover is one such policy that offers lump sum amount to an individual if they are diagnosed with some critical medical problem that too during the term of their policy.

What is Serious Illness Cover?

Serious Illness cover is beneficial is a great help in medical emergency as it entitles policy holder to receive a lump sum amount in one go if the policy holder is diagnosed with some serious illness during the course of policy. Different insurance companies have different rules and regulations pertaining to serious illness cover, so it is always advisable to read their benefits cover before applying for the same. However, in most of the cases when policy holder is diagnosed with critical illness, the lump sum amount is paid to them, but some insurance companies allows the policy holder to keep the policy out even after claiming the entire amount and also recovering completely.

One can also add other life insurance policies to their serious illness cover, but they have to keep this in their account that once they made the critical illness cover claim their policy will ease and along with that all the other insurance policies associated with serious illness cover will also be ceased. The illnesses included in the serious illness cover usually differ from company to company but some of the common illnesses included in the insurance cover are cancer, kidney failure, heart attack, coronary transplant or bypass and stroke.

Alternatives to Serious Illness Cover

For those who are not interested in taking serious illness cover can alternatively opt for complete life insurance cover that includes benefits of critical illness cover. Or one can also go for endowment life insurance as it is one of the best forms of insurance available. It covers policy holder and their family even after their death.

Main Benefits of Serious Illness Cover

When it comes to the benefits of serious illness cover the first thing that comes to everyone’s mind is that this policy provides protection to the family in the event of medical emergency when the policy holder is diagnosed with some critical illness. Also it provides freedom to the policy holder and their family about how they are willing to spend the policy money.

Main Draw-Backs of Serious Illness Cover

The major drawback of serious illness cover is that not all the serious illnesses are covered under the policy, so it becomes veery difficult for the customer to choose between the number of serious illness covers offered by insurance companies. Many of the times, policy holders are not entitled to insurance cover for their previous and on-going ailments.

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