Sadly enough, Indians often undermine the importance of life and the means to secure it—the most important being life insurance. While term insurance is beneficial for all those with dependents, it becomes absolutely essential when someone has a critical condition diagnosed while buying a term insurance, and this can be a heart ailment or any other critical ailment, which usually takes a longer time to heal or recover. Heart patients face a higher risk of sudden health complications than those without critical conditions. To put it simply, term insurance for individuals with heart conditions is a necessity, especially when they are the breadwinners for the family.
According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading global cause of mortality, claiming approximately 17.9 million lives annually. Heart attacks and strokes account for over 80 per cent of CVD-related deaths, of which one-third of fatalities occur prematurely among individuals aged under 70. Even more concerning is that people are afflicted with heart conditions at younger ages.
In a world where health is unpredictable, term insurance (with riders that cover critical illness) provides a lifeline for heart patients and their families. It's an investment in financial security for a longer period, allowing individuals to be ready with their financial umbrella to save them on rainy days.
Though heart ailments fall under general insurance, we must highlight the evolution of life insurance products that safeguard the insured from unforeseen ailments related to the heart. While term insurance is beneficial for anyone with dependents, its significance is amplified when dealing with a critical ailment such as a heart condition. Heart conditions can vary in severity, from mild cases like hypertension to more serious conditions, including coronary artery disease.
Insurance companies assess applicants based on the severity of their condition, as well as other factors like age, lifestyle, and family medical history. Additionally, insurance riders, which come with life insurance products for heart ailments, offer an affordable way to enhance coverage. These riders provide extra protection tailored to specific health conditions, making them particularly valuable for heart patients.
Term insurance for heart patients plays a crucial role in ensuring the financial well-being of individuals and their families. Let's delve into some essential aspects:
Customised Coverage: Heart patients have unique insurance needs. Term insurance can be tailored to provide coverage that specifically addresses these needs. This customised approach ensures that the policyholder's medical condition is considered when determining coverage.
Affordability: Term insurance is often more affordable than other types of life insurance. This affordability can be a significant advantage for heart patients as they may have additional medical expenses to consider.
Coverage Continuity: Heart patients may worry about their ability to secure life insurance due to their medical history. Term insurance offers a solution by providing coverage to even those with pre-existing conditions.
Peace Of Mind: Knowing that their loved ones will be financially secure in the event of their demise can provide heart patients with a little peace of mind. It allows them to focus on their health and recovery without the added stress of financial uncertainty.
Financial Protection: Term insurance ensures that beneficiaries receive a lump-sum payout in the event of the policyholder's death. This lump sum amount comes in handy while settling medical bills, outstanding debts, and funeral expenses and provides ongoing support to the family.
Understanding term insurance for heart patients is not merely a choice; it stands as a vital pillar of financial planning, particularly in a nation like India, which is currently grappling with a growing burden of heart-related ailments and subsequent deaths. By diligently following the steps discussed and considering all pertinent factors, individuals can forge a shield of financial security, ensuring peace of mind as they confront the challenges posed by heart conditions.
The author is an appointed Actuary of Canara HSBC Life Insurance.