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Endowment Life Insurance for Diabetics
People who are diagnosed with diabetic condition are not eligible to obtain medical cover or other life cover until they support that the medical condition is not something severe. When diabetics seek for insurance policy most of them tend to opt for endowment life insurance, which not only covers the life of the people but also considered a good choice of savings.
What is Endowment life insurance for diabetics
Endowment life insurance for diabetics refers to the endowment life cover offered to the people who are diagnosed with diabetic condition. Diabetes has become a common health condition like common cold and cough, where considerable world population tends to suffer a lot. There is no complete cure for the disease until now. Even though the condition turns out to be fatal that may ruins the life of the diabetic and the family members when there is no proper financial security, everyone can survive for several decades upon taking proper medication and necessary changes in lifestyle. Eventually, many insurance companies have offered Endowment life insurance for diabetics. The people diagnosed with diabetic condition are eligible to buy Endowment life insurance for diabetics. Similar to the typical features of endowment cover, Endowment life insurance for diabetics pay the diabetics a specific sum of money upon maturity of the policy or pay a lump-sum amount as monetary compensation towards the loss of policy holder. The policy holder can also opt to surrender the policy in the before it gets matured and apply for the settlement of surrender value. The other features and benefits of the Endowment life insurance for diabetics are just the same of a typical endowment cover, except for the eligibility criteria where this endowment cover is offered only for diabetic people.
Alternatives to Endowment life insurance for diabetics
When considering the alternative insurance plans available for diabetics other than Endowment life insurance for diabetics, they can opt for unemployment cover or income protection cover, which has no correlation with the health condition of the people and the compensation is paid only when the policy holder loses the employment or lose the regular income.
Main benefits of Endowment life insurance for diabetics
Since diabetes is a fatal condition that can ruin the life of the people, Endowment life insurance for diabetics is a boon for the people with this condition where they are not eligible to opt for other kind of insurance or life cover. Upon the death of policy holder, the family members are benefitted as they can reduce the extent of financial commitments, eventually, the policy holder is entitled to receive the sum assured upon maturity, which ever happens first.
Major drawback of Endowment life insurance for diabetics
People who are diagnosed with severe condition of diabetes are not eligible to opt for Endowment life insurance for diabetics, which is a constraint. Further, the normal endowment cover is quite expensive over other life insurance cover and when it comes to Endowment life insurance for diabetics, the cost of premium is relatively higher, which is not affordable by all.
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