Life is fragile and uncertain. A person should consider buying health and life insurance for not only their sake but also from the sake of their loved ones. A sudden unforeseen event can wreck havoc in a reasonably stable life.
There could be a sudden health condition or an accident right around the corner. We wish all the very best for you always but is always wise to be prepared for rough seas ahead.
Understand the top 3 benefits of buying health and life insurance.
Top 3 benefits of buying health insurance for family members
Provides financial coverage against hospitalization
Unforseen hospitalizations are hard. What makes it harder is the financial burden that is associated with hospitalizations. Buying a health insurance policy provides a financial cushion to yourself and your family during these trying times as the health insurance company will compensate you the hospitalization expenses.
Provides cashless service
Policyholders and their families are sometimes in a tough cash crunch and may not be able to arrange for cash during emergency hospitalizations. This is where cashless services are a boon. A cashless service is where the insurance company directly pays the hospital the concerned bill amount. Just ensure that the hospital is a networked affiliated hospital with the insurance company.
Rising healthcare inflation
The price of healthcare is going up by the year. Buying a comprehensive health insurance policy with adequate coverage will shield you and your family against the silent wealth eroder that is inflation.
Top 3 benefits of buying life insurance for family members
Peace of mind
Buying a life insurance policy will provide you with great peace of mind knowing that your loved ones will be taken care of after you are gone. This provides an inherent satisfaction that your family will be well and good in your absence.
Life insurance sum assured can be used for education needs
Education is becoming more and more expensive as time goes forward. Higher education is challenging for a middle class family. Imagine the difficulty in educating a child without the head of the family. This is where a life insurance policy comes into play.
The sum assured a nominee receives upon the death of the policyholder can be used to pay for higher studies of the policyholder’s children. This will ensure that your children will always have a bright future even in your absence.
Your family can use the amount received through the life insurance policy to repay any loans that you may have taken. This is one of the most important benefits of buying a life insurance policy. You would have essentially ensured that the burden of any loan repayment will not be borne by your loved ones.