Why You Need Critical Illness and Disability Insurance

One of your greatest assets is your ability to earn a living, cover your household expenses and save for the future. But what if a sudden critical illness or disability prevents you from working for an indefinite period? You'll be unable to earn money, which would sooner or later make it difficult for you to even get by. This is where insurance plans that offer coverage against critical illnesses and disability can help.

Here are 4 reasons why you should opt for this sort of coverage without delay:

1. Disability insurance replaces a part of your income when you are unable to work

   If you've had an accident that has led to disability or you've been diagnosed with a critical illness, chances are you'll be unable to work for quite some time. In such a scenario, insurance with critical illness and disability coverage can replace a portion of your income. You can use the proceeds to pay for your most essential expenses including food, utility bills, household supplies and child care.

2. You have other people dependent on your earnings

   Is your family economically dependent on you? Insurance with critical illness and disability riders can be even more important if there are other people who count on your earnings. Even if you have some money put aside, a few months without any income could exhaust your savings and make it difficult for you and your loved ones to survive.

3. Disability accounts for many lost days at work

   Disability is a prime reason for workplace absence. And no, we are not just talking about spinal cord injuries that leave one bed-ridden or major accidents that lead to amputation. Disability can also result from serious illnesses such as cancer and diabetes, or a mental health issue. It can be partial or total, and the duration can be either short- or long-term.

4. It still makes sense if you are young and healthy

   Do you consider yourself too young and healthy to be struck down by a critical illness or disability? They say that disasters and emergencies can strike quickly and without warning. Insurance with critical illness and disability coverage can help you to maintain a steady stream of income even if you miss months or years of work due illness or injury. In addition, the younger and healthier you are, the easier and cheaper it is to buy such policies.

   There are many term insurance plans that can secure you against uncertainties like critical diseases and disability at some extra cost. While a term plan typically ensures that your family gets the sum assured in case you are no more, this additional coverage comes in the form of riders (add-ons) which can be purchased along with your insurance policy. For example, HDFC Life Click2Protect 3D Plus is a term plan that covers you on all fronts through its riders such as HDFC Life Critical Illness Plus and HDFC Life Income Benefit on Accidental Disability. As a policyholder, you get not only a life cover, but also a part or full financial benefit as per policy terms if you meet with accidental disability or critical illness.

Critical illness and disability can deplete your finances without warning. To protect both your income and your family in such situations, get in touch with HDFC Life.