As we grow up slowly and become older, get married with
someone, build families, take responsibilities and start growing career as an
employer or businessman. Life is not fixed but death is, nobody know the actual
time and place etc. We come to realize more and more life insurance is very
important for us because you are bearing the responsibilities of your family
and after you who will help your family in terms of money. We all very well
know the money will be available to protect your loved ones in the event of
your passing and they won’t suffer. All the money that you will earn can’t be
paid through insurance but it also depends on your policy plan that you choose
for your life and health. It will give you an assurance that some amount of
money will protect your family and help to survive. Here are a few other
reasons why having life and health insurance is important.
To Add More Financial Security
You save some amount for financial security, most of the
parents want to know will their kids be taken care of when they’re gone? Absolutely
Yes, but if you have taken decision for financial security. You not only want
to give them better education but also other life ventures like getting married,
lifestyle, starting own business. For these reasons, additional financial coverage
is absolutely essential while your kids are still small or bigger.
To Protect Your Family
If your family and loved ones totally depend on your
financial support for their livelihood, then life and health insurance is
a must, because it replaces your income when you’re gone. This is very
important for parents who have young children or adults and would find it
difficult to sustain their living if they no longer had access to
the income provide by their parents/partner. You will also need to
provide enough money to cover the day-to-day household tasks everything else a
growing family needs.
To Pay off Debts and other expenses
Most of the people have debts like the mortgage, car loan,
credit cards and other. Nobody wants her spouse, children, parents and other
loved ones to be left with extra financial burden. This is a reason to take insurance
for life and health.
To Give an Inheritance
You might not have the assets to pass your heirs but you can
do it by buying an insurance policy and naming them as beneficiaries. This is a
reason to take insurance for life and health.
To bring Peace of mind
We never know when we will pass away. It might be today,
tomorrow or 60 years later but it will happen unfortunately. No amount of money
could ever replace the presence of a person. But an insurance can give some
protection as a form of money for the uncertainties in life. It will bring you
and your family piece of mind.
Reasons to buy insurance at a young
age
Young age is the age of power. Most of the people will leave
no stone un-turned in achieving their aim of life. So if they take any kind of
policy and plan they will pay any amount of possible money. There are many
reasons and advantages to buy health and life insurance at the young age.
Waiting Period: Health
insurances have waiting period from 30 to 60 days during this period we can’t
make any claim, even if you are eligible for terms and conditions. A big
advantage of health policy at the young age is you would exhaust the waiting
period easily and without any concern.
Low Premium: In
most cases, the premium amount of your health policy depends on your current
age. If you buy a policy at a young age, you can pay a lower premium amount.
Policy Duration: If
you buy a health insurance policy at a young age, you will have more age limits
and thereby enjoying the more benefits of health insurance for a longer
duration.
Lower Chances of
Rejection: When you are young, you may have less health complications and
more productive years. This is the reason chances of your health insurance
policy getting rejected are minimum.
Tax Benefits: As
per govt. tax rules and regulations you can enjoy tax benefits by buying a
health insurance policy at a young age will allow you to claim the premium
you pay as deduction from your total income.
Riders Benefits: Some term plans allow you to add riders like, accidental death cover, fracture,
riders with one more person, critical illness rider cover etc. Riders are the
additional benefits that come against a nominal premium in health insurance.
Higher Coverage: Buying
a health insurance policy at a young age ensures that you have higher coverage
because many health plans offer wide coverage due to lower health
complications.These are the reasons to buy health insurance at the young
age may get more beneficial.
Why insurance is more
important
Insurance insures
family and business stability: The Life insurance can support the life of your
family, loved ones. It’s similar for your business and job.
Insurance is a must
thing to do: Any of the condition if someone has insurance means he has
hope to get more thing can start his own if he lost in his business. It can
help him to recover his condition while it was a health insurance or life
insurance.
Lenders
must require insurance: In
most case, mortgage lenders want proof of insurance before you buy or build a
new building which means it requires give more assurance to others while you
are stabling a business or purchasing a home. Even relatives
also help if they know that you have insurance policy because all the risks can
be covered.
Insurance keeps commerce
moving: Everyone might aware of the 9/11 attack. While some insurers began
excluding terrorism to it but the federal government took an action in and
required coverage in the name of “keeping commerce moving”. In this
case, insurance prevented many businesses, companies and financial challenges from
avoiding terrorist-targeted operations.
Conclusion: Now
you may aware about health and life insurance, term policy plans appeal to most
of us because of the inherent benefits of life cover at the lowest possible
premium, peace of mind, Income Tax Benefits and ultimately safety of your family
and loved ones. If you think deeply, the premium you pay is a small price compared
to the benefits and advantages attached to a health and life insurance term
plan.
4 comments:
very nice post, wonderful information About Life and Health Insurance.
Thanks for sharing us!
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Woah! This is interesting. Liked reading this post as it has a lot of information.
General Insurance Plan
Good to read!
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