Applying for life insurance with a history of Illness

In today’s hectic world the lifestyle of people has changed drastically. People today have stressful and competitive long working hours and they hardly get time to look after themselves. Getting up early in the morning and giving time for one’s health and body by doing exercise is reducing day by day. The sedentary lifestyle has affected health of individuals. Now-a-days with such sedentary lifestyle it is imperative to buy an insurance policy to cover for oneself and the family from any unforeseen events.

Insurance can easily be purchased by people with no diseases but does that mean that people having existing health conditions like diabetes, blood pressure, heart disease, cancer, kidney problem or liver diseases are denied of Life Insurance? The answer to this is NO. In India, there are a high percentage of people having pre-existing diseases. Although it is often challenging to get best sum assured from a life insurance but it is better that you explore and weigh all the options and give it a shot. As Now-a-days all life insurance companies understand how much it is important for people with existing health conditions to be insured so companies have come up with various plans that are available and custom made for various pre-existing health conditions. Let us now understand which points should be considered by people having a history of illness before applying for an insurance policy.

What is Pre-Existing Medical Condition?

Insurance Regulatory and Development Authority (IRDA) defines pre-existing medical condition as: “Any condition or ailment or injury for which the insured person had signs or symptoms, and/or was diagnosed, received medical advice or treatment within 48 months prior to the first policy issued by the insurer.”

Pre-existing health situation not only includes long term diseases or illness but also covers any history of hospitalization, any signs or symptoms of illness, any skin disorder or history of any major accidental injury.

How will Pre-Existing Medical Condition impact the life insurance cover?

Let us now understand how the pre-existing medicinal situation affect the life insurance policy that an individual wants to avail. It is a known fact that availing a life insurance, term insurance or health insurance policy while having existing health situation is a bit tedious as the insurance providers are hesitant to insure people with pre-existing illnesses as such individuals have more chances to frequent claims and that too it might occur immediately after availing the policy.

So individuals who have a pre-existing health check form have to consider and take a note of certain pre requisites put up by the insurance companies before buying the policy.

• Individuals with Pre-open health situation have to pay higher premium this is called as premium loading. Premium loading is the extra amount that you pay than any other individual without any medical history. Kindly note that this extra premium is only applicable if the individual is having any pre-existing illness at the time of buying the policy. If the medical condition arises after issuance of policy then the insurance company cannot charge extra premium to its customer.
• When an individual with Pre-open health situation wants to purchase an insurance policy then the individual would have a waiting period mentioned in the policy. This waiting period is normally of 2-4 years depending on the type of illness and the plan that the individual wants to purchase.
• Few insurance companies have both waiting period and premium loading on their plans.
• Medical checkup will be a perquisite while opting for an insurance policy for individuals with pre-existing medical order.
• Some insurance companies provide an option of giving a cover without considering the prior medical condition. So if you agree to this then insurance company will provide you cover by excluding your existing illness.

Having a Pre-open health situation should not stop you from buying an insurance plan for yourself, so while applying for a life insurance kindly follow the following DOs and DONTs:

DOs:

• Opt for an independent insurance agent who will provide you every option under the sun as they can suggest good plans of various companies and would cater your needs perfectly.
• Explore all plans of all insurance providers and then opt for the best plan which suits you.
• Get the health check up done.
• Even if you have a pre-existing health situation try to stay fit with proper diet and exercise as prescribed by the doctor as it important to be healthy, if you are not already.

DONTs:

• Do not lie about any signs or symptoms of illness or disease.
• Do not lie about any history of hospitalization or any major accidental injury.
• Do not hide any pre-existing health situation and be transparent with the insurance company.

Thus after understanding all the perquisites it would be better if every person even with a Pre-open health situation should opt for a life insurance policy as it will safeguard the insured individual from any unforeseen risk and the related expenses.

Source: Applying for life insurance with a history of Illness

How to Lower Your Life Insurance Premiums Without Compromising on Coverage ?

The Life insurance policies are the must have term plans and are crucial in today's world as it gives you the financial protection against the unforeseen health situations like sudden illnesses or accident related treatments. Though the term plan gives an array of benefits like protecting you and your family from different health conditions based on the plan chosen and gives the tax benefit, still these come with an inevitable harder side of it, the premium- It is the expense towards protection of the family. 

Premium is the undeniable part of a term plan and is included in the family budget. 

Life insurance Term Plan  : 

Term plans are a no-frill product that insures you for a predetermined period and ensures the financial security of your family in case of unexpected demise of you during the term of the plan. There are certain factors like your age, genetic disposition and your gender which play a role in determining your premium by the insurance companies.

However, there are ways to keep the premium lower without compromising the coverage benefits.

• Determine your coverage requirement - Selecting a term plan that optimizes your budget and the coverage requirement is very important. Taking a higher coverage will cost you higher premium and many a times basic coverage fits the requirements for most of the people.

• Avoid unnecessary riders or add-ons - Since Riders and add-ons for extra coverage of any kind increases the premium, evaluate carefully the additional coverage requirement.

• Staying healthy to be eligible for lower premiums - A healthy person has less chance of getting lifestyle diseases like diabetes and heart issues also there is less likelihood of early death.That interprets into lower premiums charged by insurance companies for your term plan. Avoiding smoking and drinking can save you on premium payment as insurance companies charge extra for these unhealthy habits. Prevent obesity as well to get the benefit on your premium.

• Starting the term plan early in life - When you are young and healthy, the premium is much lower and this remains usually same until the policy term is over. Policy term could span 10, 15, 20 or 30 years. Locking in a higher term could lock your premium to a lower amount. You will get some flexible term plans which gives add-on cover at different stages like marriage and parenthood requirements. These work to your benefit with lower premium if you start those at early stage of life. Also gives the option to increase the coverage as required.

• Save money on Annual payment option -  Insurance companies provide flexibility of payment schedules like monthly, quarterly, half-yearly or annual. But annual payment turns out less expensive overall as the whole amount is paid in one shot and the company saves the repeated administrative cost on it and pass on the benefit to the customers. If there is no budget constraint, then go for an annual payment and save some on your premium.

• Buying term plan policy online - Buying a policy online is a cost effective alternative for the company as well as for the customers. It reduces marketing, distribution and office work of the insurer since the customer does all the input of information. The saving that company makes in this context passes on to customers, at least partially in the form of reduced premium.

Term Insurance Premium Calculator

This is the simple and specially designed tool that helps a perspective buyer to determine the premium amount. You can calculate the premium of term plan that you need to pay in order to get insured for a specified sum in case of unfortunate demise of the policy holder. In this way it helps you to compare the plans offered by different insurers and opt for the best suited one. To get a term plan online and to avail all the benefits of an online policy purchase, this calculator is the most used and appropriate tool for comparing the different insurers on a single common platform in India.

The premiums decided by the insurance companies depend on the rating and underwriting methods of various factors and parameters of individual companies. It is a good idea to shop for the benefits and coverage and comparing the premium for the different term plans offered by companies before purchasing one. Additionally, you need to compare the insurer performances regarding their customer service records, claim settlement procedure and timeline as well as the overall rate and reputation of the company.

Source : http://www.sooperarticles.com/finance-articles/insurance-articles/how-lower-your-life-insurance-premiums-without-compromising-coverage-1554506.html

Compare Life Insurance Plans and Policies

Health insurance become an very important thing in today,s time for future references. It is an very crucial thing to decide from where we have to take all the benefits related to Health insurance. Here, Click2cover works for you for helping to decide the best choice so come and fix a meeting with us . you may reach on : https://www.click2cover.in/

Life insurance is commonly known as life assurance. It is an agreement between the consumer and the insurer, where the insurance company offers financial protection or coverage to your family so that they can continue to lead a stable life even in your absence. The payment regarding terminal illness and critical illness depends upon the norms of the insurer. The consumer pays a specified premium amount in lump sum or at regular intervals. Here, your life cover premium depends upon various factors such as age, gender and health condition.

Benefits of Life Insurance

1. Peace of mind: It guarantees that a sum assured will be paid by the life insurer to meet future goals of the policyholder or family, in case of any unfortunate event such as death and critical illness.

2. Tax benefits: Under Section 10(10D) of the Income Tax Act in India, the maturity benefits offered by life insurance policies are eligible for tax benefits and under Section 80C, the premiums paid on life insurance policy also get tax deductions.

3. The best way to accomplish your goals: It is a systematic investment where you pay the life insurance premium when due and the life insurance company allocates it against your name. You just need to pay your premium on time and slowly your life insurance policy helps you to increase your corpus and allows you to realize your best dreams without too much effort.

4. Retirement Planning: The life insurance policy helps build up a corpus for retirement and also provides life insurance cover at the same time with a range of payout options - lump sum payment, annuities, and monthly payments.

Source: https://www.click2cover.in/life-insurance-term-plan