Although they may not have a close relation, Term Life Insurance is one of the ways that you can use to take care of your loved ones and people you care for. As the caretaker of your family, you need to be there daily regardless of whether it is your parent, relative, elderly relative or a special needs child. Unfortunately, nobody knows what the future holds and thus you may end up passing away or becoming disabled. For this reason, you need to look for a means of keeping your loved ones safe and secure. If you are an employee you should compulsorily save your money by paying the Provident Fund. Provident Fund account was maintained by EPF India website.
To do this successfully, you will have to ensure that you have saved enough funds which will cater to the needs of your family. By purchasing a Term Life Insurance Policy, you will leave your family with something to rely on as it will cover costs such as:
- Emergency funds
- Property taxes
- Utility bills
- Maintenance of insurance premiums
- Daily expenses
Many of the Term Life Insurance Policies have a feature commonly referred to as Riders. This feature can either be purchased separately or added to your existing policy. You should, therefore, consider the options that you wish to use if your family is to benefit. Here are some of the most common riders that you can choose from.
Disability Income Rider
Through the disability income rider, insured premium payments are waived by the insurance company while at the same time granting you a supplementary income. Income granted will depend on your policy’s value after becoming disabled. The good news is that every insurance company has a given duration and amount of money that you can pay every month before receiving benefits.
Critical Illness Rider
Critical illness such as cancer and kidney failure may leave your family with a huge medical bill to incur. This can sometimes be very stressful especially when you were the caretaker of your family. Fortunately, you can rely on critical illness rider option as it offers a lump sum amount to cater for healthcare and any other cost in case you develop a critical illness. The medical bills paid are deducted from your death benefit. You family will therefore not feel the pinch since every medical bill will be catered for.
Long-Term Care Rider
In case you develop a severe cognitive impairment, then the Long-Term Care Rider will offer a lump sum benefit. With this money, your family will be able to pay nursing home fees and full-time home care without contributing anything. This is because the fees are deducted from your policy’s death benefit.
Accelerated Death Benefit Rider
Accelerated Death Benefit Rider will cover all your costs in case you happen to be terminally ill. This feature comes together with Term insurance policies without paying anything.
As a caretaker of your family, you have other responsibilities that you must think of apart from your own. You should, therefore, make sure that you purchase an insurance policy which will cater for all the family needs in case of your demise.