Nobody knows what tomorrow is going to bring for you and hence it’s always smart to be prepared for the worst. Life insurance plans are helping the Americans to ensure a secure future for their loved ones even if they won’t be around tomorrow. Among all the offered ones, permanent whole life insurance plans are gaining much popularity among the new buyers. In this article, you will get to know why the offered insurance plan is the best protection for your loved ones.
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#1 Lifetime Protection
The offered plans provide a sense of protection to the loved ones of the policyholders. If you have bought a whole life plan, you can be assured that your family members won’t have to suffer when you aren’t around. If the insured passes away due to an illness or an unfortunate incident, the insurer provides the loved ones an accumulated amount as the death benefit to help them take care of their financial responsibilities.
They can utilize this amount to arrange the funeral, pay the medical expenses, repay the pending debts and manage other essential expenses. Also, there are plans that provide a cover to help take care of the educational expenses of the kids in the family. Depending on your specific requirements, you can choose a plan that provides a cover for all your necessary expenses.
#2 Critical Illness Cover
Along with the death benefits, the insurer also provides a cover for the critical diseases that might prove fatal. Your provider will offer a cover against a number of serious illnesses and will take care of your medical and surgical expenses.
Usually, this list of critical illness includes but isn’t limited to Cancer, Heart Attack, Angioplasty, Permanent Paralysis of limbs, Heart Valve Surgery, Head Trauma, Coma, Surgery to Aorta, Primary Pulmonary hypertension, Major Organ/ Bone Marrow Transplant, Cardiomyopathy, Chronic Lung Disease, CABG, Stroke resulting in disability, Kidney Failure, Blindness, Benign Brain Tumor, Chronic Liver Disease, Brain Surgery, Apallic Syndrome, as well as Alzheimer’s Disease.
Though this list of critical illness covered may vary from provider to provider and hence you are suggested to enquire well from your provider before you choose one.
#3 Disability Cover
At times, people meet an accident and lose a limb or become partially or completely disabled due to some illness, there are insurers who provide a cover for the same. This means they will take care of the medical expenses to treat the disability or lessen the impact of the same. The cover includes the fees of visiting the doctors, charges of diagnostic tests as well as the surgical treatments required.
Also, there are providers who offer a plan that covers the costs of expensive prescribed drugs and required nursing services as well. You are supposed to collect cheap whole life insurance quotes from multiple providers and buy a plan only after comparing them for the benefits offered.
#4 No Medical Exams
Usually, insurance providers conduct a medical exam to know the health status of their possible insurance buyers. Depending on how good their health condition is, they are offered plans with different premiums. People with sound health conditions are offered a cheaper plan and the buyers with a serious illness are offered little expensive plans.
Some interested buyers also might be denied an insurance due to the severe medical condition. But also, there are providers who offer a plan for checking your health status. Under these plans, you don’t need to undergo a medical examination and still get a plan with the desired coverage. With little research on online portals, you can easily get to know about these providers.
#5 Tax Benefits
Insurance investments fall among the smart investments that can help you with multiple benefits. Along with the coverage and protection offered, these plans help you save you big on income tax as well. The federal government provides a relaxation in the income taxes to the people who have invested in such policies.
If you have a whole life plan you can get a deduction in your whole taxable income and you will have to pay the taxes on a reduced income. For a year, this amount isn’t that big but it helps to save a lot over the years.