WHEN WILL YOU BE ABLE TO CLAIM YOUR LIFE INSURANCE COVERAGE?
Are you wondering what life insurance coverage is? Don’t worry! In the event that you need to protect yourself from financial risk, we have got you covered! Manila Bankers Life Association is here to help you be informed all about it.
Life insurance is a financial tool that provides and supports the family of an insured person. If you are someone who has a family that is dependent on an income that you generate, it is advisable that you file for life insurance coverage so that it will ensure your beneficiary’s protection if something did happen to you. Only 4% of Filipinos have life insurance plans even when death is 100% certain.
If you are like one of the many people who don’t know much about when to claim life insurance. Here are three things to consider when you will be able to claim your life insurance coverage.
When Accidents occur
You will be able to claim your life insurance coverage when accidents or hospitalization occurs. This makes accidents less painful financially when you or one of your family members is injured in an accident.
Because accidents happen out of the blue with no warning, no time to prepare, and no time to budget associated bills, it is important that you include this in your policy to make the most out of your coverage.
If you are in an accident there may be medical bills and expenses that you would not anticipate like high deductibles or other out-of-pocket costs. Accidents can build up to hospital bills like doctor’s fees, rehab costs, physical therapy may be expensive.
Claiming accident coverage will cover your medical expenses and other expenses you may face in correlation to your accident. You can claim this insurance by receiving cash benefits to help you with the expenses.
Critical Illness
Having insufficient funds is more frightening than battling critical ailments. Critical illness covers heart attack, stroke, and cancer and may also cover major surgeries depending on your policy.
Another factor is critical illnesses. The major critical illnesses are those that are potentially life-threatening illnesses. In the event, you or a covered family member is diagnosed with a major illness like a heart attack or a stroke this insurance plan will pay you a lump sum of money.
No one wants to consider the possibility of getting a critical illness, but because you have life insurance coverage you can minimize the financial impact on you and your family.
Insurers death
Most people buy life insurance with one goal in mind, they want to make sure their family will be taken care of after they are gone. The proceeds of a life insurance policy, known as the death benefit can help ensure your loved ones will have the financial resources that they need to maintain their lifestyle and live out their dreams.
Sparing your family or any dependents of the burden of debts from the burial fee could prevent financial hardship to them. Your dependents can claim life insurance in case of your death and can be later on used to cover day-to-day purchases and living expenses such as groceries, utilities, and car payments.