Should you opt for a Terminal Illness Benefit?

The last thing you want to do with a terminal illness is — give up. When the doctor says you’ve got 6 months to live, you don’t begin counting your days. Instead, you look for avenues to survive. You’d want to avail the best treatment in town. Maybe even go abroad. The only problem — It costs money. A lot of it.

And if you opt for a terminal illness benefit, maybe you’d have a recourse. See, some insurers will offer you the entire cover in cold hard cash the moment you’re diagnosed with a terminal illness. That’s them telling you — “You’re good as dead. So take the money.” And with the large lump sum amount, maybe you’ll have a chance to avail the best treatment doctors can offer you. And guess what? Even if you make it through and live past 6 months, the insurer won’t ask you to pay them back.

While this seems like a nice benefit to have, the likelihood of a doctor certifying a terminal illness and the insurer accepting the assessment isn’t all that high. So maybe you should consider this fact before opting for this particular rider.

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