Beshak Insurance dictionary
Terminal Illness Benefit
Term Life Insurance
Certain insurers offer the entire sum assured in advance if the Life Assured suffers from a disease or illness due to which s/he is highly likely to die within the next 6 months. This has to be certified by two independent doctors, specializing in the treatment of such illness.
Such a benefit helps the life assured witness the paying off all the liabilities and distribution of the remaining amount to his beneficiaries before he passes away.