If a person is suffering from a terminal illness, accelerated death benefits, or terminal life insurance, can help that individual pay the associated costs of the medical care he or she needs. Should everyone have terminal life insurance? What are the illnesses that this kind of insurance policy covers? Explain the way this kind of policy works. This article will attempt to address these issues.
How are the
qualifications for terminal life insurance defined?
The people who are
covered by terminal insurance are those who have a fatal illness, such as
cancer, only. The insurance policy carrier will offer a significant sum of
money for defraying medical costs if a qualified physician has diagnosed the
insured with a terminal illness, and the individual's life expectancy is less
than one year.
Why is terminal
insurance necessary?
Medical costs can sky
rocket very quickly when a patient with a terminal illness is being cared for,
whether it's yourself or someone you are responsible for. The patient's loved
ones are not only dealing with the associated emotional distress, but also with
the expenses, which can be a grim ordeal. Some of that burden can be relieved,
as the terminal insurance will cover a significant amount of the medical costs.
How does one obtain a
policy?
This kind of insurance
policy is not offered separately. Terminal illness insurance is an option for
an existing mortgage or life insurance policy and can be attached with a rider.
There are insurance carriers that offer this kind of benefit by default as a
part of their life insurance coverage. Other companies may provide benefits for
terminal patients with a rider at an additional charge.
Is terminal illness
life insurance similar to that for the critically ill?
It is different.
Terminal illness life insurance covers only the terminally ill; that is, those
individuals who will die from their illnesses within a brief time. Do not
mistake it for a critical illness policy. Only people who have been diagnosed
with a terminal illness and are expected to succumb to their disease one year
following that diagnosis will be covered by terminal illness life insurance.
Diseases such as AIDS,
Alzheimer's disease, kidney failure, Parkinson's disease, bacterial meningitis,
heart disease, or stroke, are covered by critical illness insurance. Because of
the specific qualifications of these kinds of life insurance, it's critical to
be aware of their differences.
What kind of
verification of terminal illness does the insurance provider require?
Most insurance carriers
want a qualified doctor to provide a medical certificate that officially states
that you have a terminal illness and are expected to die within a year. After
receipt of the certificate, the carrier will provide the money that the policy
agreed to pay.
What about after I'm
paid?
Following payment by
the insurance provider for the covered amount, your policy will be terminated
at once.
What happens if I
unexpectedly recover?
If a year or more has
passed since you were diagnosed with a terminal illness, and you are still
living, the money you received from the insurance provider is yours to keep
without penalty. You will not be required to pay any additional premiums ever,
as the terminal illness life insurance coverage is no longer in effect. Of
course, neither can you can make any future claims against that policy to cover
the costs of any continuing medical care.
The purpose of this
article is to provide a fundamental understanding about this kind of insurance
policy. If you need more information or have questions about your current
policy, call a qualified insurance professional for advice. You will be able to
make a more informed decision on the kind of policy that will best meet your
requirements.
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