Essence and benefits of non medical life insurance policies

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Investing in life insurance policies is a good decision, as it fetches some amount of financial support for a family when the main earning member of the family passes away. When it comes to life insurance, we can find different kinds of policies and packages in the marketplace. Different insurance companies come up with different kinds of products. In some cases, it is also noted that product is the same but it appears different due to branding of the sellers. Life insurance is not also different in this aspect. Majorly, you shall find two types of life insurance policies. They are medical and non medical life insurance.

About Non Medical Life Insurance

Typically a life insurance policy comes with some medical coverage or benefits. However, non medical life insurance is completely different in this matter. As the name suggests, this type of insurance won’t provide any medical benefits. Thus, anyone can opt for non medical life insurance. In other words, non medical life insurance has also been termed as easy access life insurance. A medical test is a must for life insurance. However, for non medical life insurance, there is no requirement of medical tests.

As it has been stated, non medical life insurance doesn’t come with any medical coverage. Now the question is why should a person go for non medical life insurance policies? What are the benefits of this policy? Is it worth investing at non medical life insurance policies? Even though this insurance doesn’t provide medical treatment coverage, it is still considered as beneficial from other aspects. This insurance policy commits a certain amount after death of the insurance policy holder. This sum will be awarded to the family or spouse of the deceased. So, after someone’s departure from this world, his family would still get some amount of financial support with non medical life insurance policies.

Benefits of Non Medical Life Insurance

Non medical life insurance policies can be beneficial from different aspects. If you have debts, then you must start investing in this insurance plan. After your death, your family shall get adequate financial support to pay your debts. There wouldn’t be any financial burdens on the next generation of your family. If you think that you have ethical and moral duties towards your family, then it is always beneficial to invest in this kind of insurance policies.

Since there is no medical treatment coverage, non medical life insurance can be availed at very low and basic price. Monthly premium for such insurance policies is affordable as well as negligible from a financial perspective. Nevertheless, non medical life insurance also offers tax benefits. You shall get certain rebate on your income tax, if you can show a non medical life insurance on your name. Such insurance policies generally commit an assured sum to the family members of the deceased. Moreover, non medical life insurance may also offer higher assured sum, if policy holder dies in accidental cases.

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About the Author: James Watt

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