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    Understand Life Insurance After Heart Attacks

    Published on November 17, 2019

    The insurance industry in India is expanding rapidly. There is growing awareness amongst people, which has led to a beneficial impact on the growth pattern of the industry. In traditional days, the chances of an individual suffering from a pre-existing condition were non-existent. This is because a disease like heart attack falls in high- risk category and insurance providers were not willing to offer term life insurance coverage to such people. However, today, times are changing and there has been a change in the way insurance companies conduct business.

    Do insurance providers provide life insurance after a heart attack?

     This might be a major concern for you and it is important to know that buying life insurance after a heart attack is possible. However, after a heart attack, you tend to become more vulnerable and your health needs to be monitored from time to time. Regular health check-ups become a part of your life and doctor visits become a reality. You need to take all the essential steps to ensure that there is no relapse.

    Is there a waiting period to buy life insurance after the first heart attack?

     You may think in mind that “does life insurance cover heart attack”. Insurance providers follow the rule of a waiting period wherein, if you have undergone a heart attack, you need to wait for a specified duration before you buy a policy. This period may range from six months to three years. Hence, if you have recently had a heart attack and are looking for insurance for heart patients, you need to wait for at least six months before you can be eligible to buy a plan.

     When is the right time to purchase insurance?

     The ideal time to buy a term life insurance plan is when you are young. If you invest in a plan when you are younger, the premium will be lower and the coverage will be higher. This will serve the purpose of a term plan. Investing at an early age will prove to be beneficial, as you do not have any health problems during this stage of life, thereby ensuring that you do not spend heavily on premiums.

     Benefits of buying term insurance at an early age

     Explained below are a few advantages of purchasing term insurance at a young age.

     

    1. Affordability

     When you buy term insurance at a very young age, you can enjoy lower premiums because of your good health. You can get a high sum assured at a cost-effective premium.

     

    1. Tax benefit

    A term insurance plan is an ideal opportunity for you to save tax. The premium is exempt from tax under Section 80C of the Income Tax Act, 1961. The death benefit is also exempt from tax under Section 10 (10D) of the Act.

     

    1. Live stress-free

     With a term life insurance plan, you need not worry about your family’s financial wellbeing, as that will be taken care of even during your absence.

    Before you buy term insurance, you need to keep your long-term goals and investment purpose in mind. Do not focus on the premium when choosing a plan. Instead, you must consider your health, financial stability, and lifestyle when deciding on a suitable plan.

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