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How can you avail term insurance for disabled people?

John Honore
March 12, 2020 Comments Off on How can you avail term insurance for disabled people?

The life of a disabled person can be challenging. Whether you are physically disabled or have a family member with a disability, managing the future can require special care and attention. Since the number of accumulated resources can determine the financial future of your loved ones, you should be adequately prepared with a term plan. Before you buy term insurance for disabled people, let’s first understand the meaning of a term plan in detail:

Term plans can be a crucial addition to your financial portfolio. These are protection plans that can offer financial security to your loved ones in your absence. Under term plans, your family can receive death benefits to sustain financially in your absence. Moreover, the death payout duration can be chosen by your nominees. Typically, your nominees can receive the payout either as a lump-sum amount or a monthly income.

Typically, the need for term coverage for disabled people can be relatively high than that of a physically fit person. According to a report, India houses over 2.8 billion population of disabled people. Since the population of disabled people can be large, there might a rise in the demand for term coverage. Under a term policy, you can receive financial coverage against medical check-ups, hospital bills or invoices, therapies, and so on.

  1. Life cover

For disabled people, term insurance can come with a clause that can let your nominees obtain the life cover in your absence. When you have nominees who are disabled and might not be able to earn for themselves, you should choose an adequate coverage amount. Ideally, you should first consider their primary requirements and future expenses. After identifying their needs and expenses, you should select the coverage amount that can help them stay protected financially after your demise.

  1. Premium value

A term plan can be an affordable investment. Since it can offer comprehensive coverage at an affordable rate, you can buy it for disabled people in your family. As a policyholder, you should buy coverage that can be proportionate to your premium amount. Typically, you should calculate the premium amount on a term insurance calculator before purchasing the policy.

  1. Inflation rate

Inflation can be far-sighted. However, if you do not know how to manage the impact of inflation rate on your term plan, your family might end up in a financial turmoil. At the time of purchase, you should consider the future inflation rate and buy term life insurance accordingly. If you do not consider the rate of inflation, your sum assured might fall short to fully cover your family in the future.

As highlighted above, disabled people can require coverage for their financial well-being in the future. Therefore, choose the right term policy after you compare several options in the market. Don’t be lured by the low cost of term insurance policies. Choose a reputable company with a higher claim settlement ratio. If you choose an insurance company with a low claim settlement ratio and low premium value, you might receive inadequate benefits or coverage. When you buy a term insurance policy with sufficient knowledge, you can stay protected from every eventuality of life without worrying about any financial constraints.

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