Does Term Life Insurance Cover Heart Attack Death?

Heart attacks have long been a significant public health concern. Medically known as myocardial infarction, a heart attack occurs when a blood clot abruptly blocks the blood flow to the heart. According to a report by the World Health Organisation (WHO) ^{^}India accounts for about one-fifth of the 17.9 million global deaths attributed to heart attacks.1 These events strike without warning and have profound and far-reaching effects.

Now, comes the important question - what if something happens to you? Beyond the emotional trauma of losing you, your family can face immediate financial challenges, especially if you are the sole breadwinner of the family. In the absence of your income, they may find it hard to cover basic living expenses, meet financial obligations, and maintain their current standard of living.

This is why having term insurance is crucial. It's a simple and clear-cut way to protect your family if something happens to you. But is heart attack covered under term insurance? Is there a term plan for heart patients?

Let’s find out.

What is Term Insurance?

Term insurance acts like a safety net for your family ensuring they receive a sum of money if something happens to you during the policy period. The main idea behind term insurance is to provide financial security for your dependents, just in case something happens to you before you've had a chance to build up enough savings to support their comfortable lifestyle. This money can help them maintain their way of life and pursue their dreams with ease.

Term insurance is straightforward. You pay a set amount called a premium regularly to the insurer in exchange for coverage over a specific period. In case something happens to you, the insurance company will give a sum of money to your nominee. This money, which is technically known as the sum assured, steps in to replace your monthly income. Your family will receive this money as per the claim payout option selected by you at the time of policy purchase.

However, in case you survive the policy period, you will not receive anything back.

Let’s understand the concept with an example. Ravi, 30 years old, buys a term insurance plan with a sum assured of Rs 50 lakhs. He opts for a policy term of 20 years. He appoints his wife, Rani, as the nominee.

Case 1: If Ravi passes away during the policy period, Rani will receive a sum of Rs 50 lakhs from the insurer.

Case 2: If Ravi outlives the policy period, he will not receive anything.

Does Term Insurance Cover Death By Heart Attack?

Under term insurance, there's only one exception to its coverage – death by suicide or self-harm in the first policy year. Aside from that, term insurance doesn't exclude any other cause of death during the policy term. This means it also covers death from a heart attack.

The Importance of Accurate Medical Declarations

Insurance, regardless of the type, operates on the foundation of utmost good faith. Meaning, both you and the insurance company need to be completely honest and open at the time of policy purchase and there should no element of misrepresentation or false declaration provided by you while buying a term insurance policy. This mutual trust is the base of any insurance agreement. It is essential to provide correct and honest medical history details to the insurance company. If you've had any heart-related conditions or other health issues, it's important to disclose them honestly to them. Failing to do so can lead to complications during the claims process, jeopardising your family’s financial future.

Enhance Your Protection Using Riders

Apart from the basic life coverage in a term life insurance policy, many insurers provide optional add-ons called riders to give you extra protection. You can add such riders to your base policy at a certain extra cost without the need for any additional paperwork. One of these riders is the Critical Illness Rider.

What Is a Critical Illness Rider?

Coping with a serious illness, whether it's related to the heart, cancer, kidneys, or any other significant health condition, can be really tough. Both emotionally and financially for you and your family. Treating such illnesses can be significantly expensive and there are often additional costs like physiotherapy, full-time nursing care, rehabilitation, and more. Moreover, you may have to take a leave from work, so your income could take a big hit.

That's where the Critical Illness Rider can be a real lifesaver. It is an extra layer of protection you can add to your term insurance policy if you have concerns of developing potential health issues like heart disease, etc. The rider provides a lump sum of money if you're diagnosed with a listed critical illness during the policy period. This money can be your financial cushion, helping you pay your medical bills, make up for the income loss, and cover other expenses related to your illness. In essence, it ensures your and your family's financial stability during a difficult health crisis.

Wrapping up!

Term insurance is essential for anyone looking to protect their family in case of uncertainty. If you are at risk of developing heart-related issues, you can take a step further and add a critical illness benefit rider to your policy. These steps will help you craft multiple layers of financial security, offering reassurance during challenging times.