What’s the difference between life insurance cover and critical cover?

Are you in a dilemma whether to buy critical illness cover  or life insurance cover? Both are two different sides of a coin. Life insurance cover has own benefits, while critical illness policy has its own share of advantages. Here are some basic differences between the two.

Life Insurance pays out when policy holder dies or simply due to uncertain event. This assists our family to have financial support in the event of death of breadwinner. Many people are of view point that if they have life insurance cover, they need not to consider critical illness insurance. The only similarity between both the two policies it safeguards your future and your assist your family.

Critical illness cover pays you Lumpsum tax free amount, if you are diagnosed with critical illness. The disease may range from

·         Stroke

·         Heart Attack

·         Cancer

·         Paralysis

·         Organ Transplant

·         Blindness

·         Disability

·         A variety of lesser known diseases

This type of insurance offers specified returns in case you are diagnosed with above mentioned illness or permanent disability. The critical illness insurance can be categorized as

Simple vanilla critical illness policy- It is the basic type of insurance policy that offers cover for heart attack, brain meningitis, and stroke.

Wide range-As the name suggests, this critical illness cover quote consider varied options as stated above. It is recommended that you should choose such type of policy for better financial coverage. This illness policy covers approx 30 diseases. However, remember that just diagnosis of critical illness is not enough; you need to survive for a stipulated time frame, to attain the policy.

Individuals who become blind or suffer from Alzheimer disease are also covered in the policy. This policy will provide financial support to individuals and dependants to adjust to short term crisis.

The effects of critical illness can affect not only our ability to work, but it also affects our routine life. It means obtaining critical illness cover quote provides tranquility of mind and long term support. Some policies will also provide a return of premium if the policy holder survives till the age of 65, he can claim the policy. It will act as a retirement savings, isn’t it?

Studies highlights the fact that if we are living longer, there is 1/3 chance that we will suffer from critical illness. Imagine what impact it will have on our finances. And what’s the real benefit of this policy is- both the survivor and dependants get a living benefit.

 Last but not the least, in the world of urbanization and consumerization what matters most is securing the future for you and your family.