Does life insurance offer any benefits while I’m still alive?
When your term life insurance policy expires, you stop making payments, and your coverage ceases.
While the primary function of life insurance is to secure your family’s financial stability in case of your untimely death, it’s natural to wonder if there are benefits available to you while you’re still alive.
Fortunately, life insurance can offer several living benefits, providing value beyond the traditional death payout, especially after years of paying premiums.
Terminal Illness Benefit
If you are diagnosed with a severe illness and given a life expectancy of 12 months or less, you may be eligible to receive a portion of your policy’s death benefit in advance.
Children’s Life Cover and Specified Illness Cover
This coverage offers a payout of up to €7,000 if an insured child passes away. It is applicable until the child turns 18 or up to 25 if the child remains in full-time education.
Additionally, children up to age 25 are eligible for up to €25,000 or half of your specified illness coverage amount, whichever is lower, for the duration of your policy.
It’s important to note that the availability and specifics of these benefits can vary widely between different insurance providers.
Hospital Cash Benefit
This benefit provides a daily cash allowance for each day you are hospitalised. It is designed to help cover incidental out-of-pocket expenses such as meals, transportation, and parking fees, which are often not covered by private health insurance.
Guaranteed Insurability Option
A policyholder can increase their coverage without needing to provide evidence of their current health status, but this option is only available under certain conditions and must be exercised soon after a qualifying event.
Qualifying events include the birth or adoption of a child, marriage, obtaining a new mortgage or remortgaging, or a significant salary increase.
Providers typically require action within 60 days to six months following the event.
Conversion Option
The conversion option enables you to convert your expiring term life insurance into a new policy, extending coverage without requiring a medical exam or proof of good health.
This offers a seamless way to continue insurance protection.
Learn more by reading our article: Is convertible term life insurance worth it?
Medical Second Opinion
Aviva provides a complimentary service called Best Doctors Second Medical Opinion.
This benefit gives Aviva policyholders the opportunity to obtain expert medical advice and second opinions from an extensive network of top-tier medical professionals and specialists.
Aviva Care
Aviva Care is a health and well-being service provided by Aviva. Aviva Care comes with all-new protection policies, and it’s free of charge.
When you take out Life Insurance, Serious Illness cover, Mortgage protection, or Income Protection with Aviva, you become eligible to access four great benefits for no extra cost: Digital GP, Best Doctors Second Medical Opinion, Family Care Mental Health Support and Bereavement Support.
Learn more by reading our article, The Revolutionary Approach Of Aviva Care: Free Health & Wellbeing Support, for more information.
Personal Support
Royal London offers a free service called Helping Hand, which provides one-to-one personal support from a dedicated nurse from RedArc.
This service is designed to help policyholders and their families cope with the impacts of illness or bereavement.
Helping Hand also includes access to specialist therapies to aid in recovery, such as bereavement counseling, speech and language therapy, second medical opinions, complementary therapies, physiotherapy, and other treatments based on the nurse’s assessment.
Publisher: Source link
