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• What is critical illness cover policy? Is there any medical test required for this policy?Can this policy be issued to a chain smoker, moderate consumer of alcohol? • What is disability cover? • How does accidental death cover work? Can this benefit be offered to a person whose job profile is risky , say a film stuntman, one who drives a motorbike in a congested highway , an air force fighter plane pilot ,etc. • What is pure risk cover policy?
1) Of course it is prudent to take additional benefit with Life Insurance coverage. Will you go for a mobile phone (smart phone) just for talking purpose? You certainly need more functions, like MP3 player, Camera, Internet, GPS, Games etc. with it. Then why not a Life Policy with additional features and benefits? It will certainly reduce your premium also.
2) Certain illness which are normally costly than other illnesses to diagnose and are very much in common, such as Cancer, Coronary Artery Bypass Graft Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neurone Disease etc. are covered under critical illness cover policy. Normally such covers are add ons with endowment or other life policies depending on the insurance companies.
For lower risks, normally no medical tests are required. But if the underwriter is not satisfied with the risk, may require a medical test.
Underwriter may allow depending on the company policies and company underwriting guidelines but may charge a higher premium than normal. If the company plays safe, then the underwriter may decline the risk. All of these vary from one company to another.
3) If someone is disabled to do his/her job because of loss or damage to his/her any body part, are covered under the plan. Normally loss of limbs (Loss of hands, legs, eyesight, etc.). Companies offer different benefits, Permanent Disability, Partial, Disability, etc.
4) Death can be either normal or accidental. Normally companies offer additional death coverage for accidental deaths as an add on coverage, which can be availed by paying extra premium, normally known as Accidental Death Benefit.
They certainly require such benefit. So they should be offered, but a little confusion with underwriter, that whether he/she will accept it or not. Normally they accept but charge higher premium than others.
5) Term insurance policy, only the risk of death is covered. No survival benefit provided. At the end of the policy term, nothing will be payable, unless it is a ROP (Return Of Premium).
