3 Reasons To Upgrade Your Term Plan Protection With Riders FundooMoney

3 Reasons To Upgrade Your Term Plan Protection With Riders

When you attach riders to a term plan, you get additional insurance coverage for risks that your family faces other than the risks to your life.

Only life cover may not be enough after an accident
In case you are involved in a major accident, your family is hit by a double whammy. Your income might get disrupted and there would be medical expenses too that would deplete savings. An accident rider can help your family absorb such a shock.

Your family needs protection from risks to your income
A major accident leading to a permanent disability prevents you from financially contributing to your family. Life insurance will not be relevant here as you need a benefit that will help you take care of future needs like child’s higher education. A rider like waiver of premium on disability due to an accident and disability income rider that provides income, addresses such a situation.

You need protection from the impact of critical illnesses
A critical illness to you will mean a lot of money be spent to treat you. This will impact your family income and will typically deplete savings. Life insurance coverage will not help in this situation and health insurance maybe inadequate. However, a critical illness rider can provide the payout your family needs to meet the expenses and honour obligations like loan EMIs.

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