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If you have a pre-existing disease, like diabetes, hypertension, heart diseases or any other type of critical illness, the insurer may charge a high amount of premium or reject to sell you a term insurance plan overall.
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Let’s say you have suffered from a heart attack; it will be difficult for you to purchase a term plan in comparison to others who want to buy the same term plan. Here are the details that might help you in choosing the best term insurance plan for heart patients:
Term Plans
Yes, the term insurance plan covers death because of heart attacks as it comes under the criteria of natural death. But, there are some terms and conditions to be followed. The term insurance plan naturally covers the heart attack if the questionnaire and medical examinations are genuine and filled.
However, if the responses and the tests provided come out to be misleading and false and if you had past medical records of heart attack, then the claim may be rejected for being dishonest and fraudulent. Therefore, it is always a good idea to opt for a critical illness benefit rider along with a base-term plan.
Thus, how the term insurance plan covers deaths by heart attack and heart attacks can be understood in 2 different ways:
The policyholder does not have any history of Heart Attack
Let’s understand this with the help of an example:
If a policyholder doesn’t have any history of a heart attack. In such cases, he/she will be offered a term insurance plan with the normal T&Cs, unlike a survivor of a heart attack.
If the policyholder suffers from a heart attack after signing the agreement of the policy, then the life insurer will cover the plan and provide a claim under normal situations.
The policyholder has a history of Heart Attack
If the insurer had a history of heart attacks, he/she should inform the same at the time of signing the policy agreement. A false belief exists that a survivor of a heart attack or a heart patient cannot have a term insurance plan. They can avail of it, however, subjected to some T&Cs.
To buy a term insurance plan after a heart attack, an examination and medical tests at a high level have to be conducted.
What if the policyholder doesn’t communicate or reveal the facts about the history of heart attacks?
In such cases, the insurance company may dismiss, reject or cancel the claim and charge a fine with the increasing amount of premium. So, it is very important to reveal every detail to the insurer and maintain transparency with them. The critical illnesses covered are mentioned in the company’s brochure.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
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Term insurers will require the following information if you have had a heart attack:
Age: One of the important factors to consider is the age when you had a heart attack. This will help the insurer determine your medical conditions and eligibility to buy term plan. Let’s say, if you suffer from heart disease in your early 30s, then your chances of getting a term plan would be low as compared to the individuals who are suffering from health problems at later stages of life.
The severity of ailment: The impact of the heart attack on your health plays an important role when buying a term insurance plan. If the medical condition had any serious and long-lasting effects on your health, then it may get difficult to get a term insurance plan.
Diabetic Problems: The combination of heart attack and diabetes can largely decrease the chances of getting a term insurance plan. In that case, the insurer may decline to insure you.
Treatment and Follow-up: If your ailment requires medications for the rest of your life, you might get term insurance but the prices may be higher. Insurance companies will go through your medical documents related to your heart conditions from your doctor. And, there is a good chance of availing of insurance if your follow-up guidelines are simple.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
It is always a good idea to buy term insurance coverage with a critical illness rider from an early age so that your insurance and financial requirements are met, if and when the need comes.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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