My life insurance broker told me I have terminal illness what is this ?
With the majority of the life insurance contracts, if they be level decreasing single or joint they have something called terminal illness added into it. What it is this terminal illness ? I have a friend who has critical illness insurance on his life is this the same thing ? Well the answer is no, terminal illness is added without cost and is where the insurer will pay out when the policy holders life expectancy is no greater than 12 months. The defintion is normally where the consultant or the chief medical officer is agrees that a rapidly progressing incurable illness is present. The idea behind the terminal illness is that the client will get the money before they die and this will give them an opportunity to sort out what ever they want to do prior to them passing away. The idea behind the cover is that the time when you are most vunerable a cash injection will hopefully help ease the pain.
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