The Buyt Desk
The COVID-19 has made us understand the importance of insurance in our lives. Whether it’s health insurance or life insurance, both are necessary to take care of unwarranted emergencies. Treat insurance as a safety net for you and your family. If something happens to the breadwinner of the family the life insurance claim will help the family to stride through. Given the increasing cost of hospitalisation and medical care, it is becoming absolutely necessary to have a health cover. Here are 5 reasons why you must buy an insurance cover-
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Term Insurance is important for the financial security of your family
Imagine the worst. What if you die? What will happen to your family especially if you are the sole earning member of your family. You must buy a life cover so that in case something happens to you the insurance claim will come to your family’s rescue till they find their feet.
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Health Insurance can help you fight medical inflation
The increasing cost of healthcare can strain your finances. It’s just not hospitalisation but also pre and post hospitalisation expenses that can drill a hole in your pocket. Health Insurance enables you to get cover for your medical expenses.
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For better financial planning
Did you know the rising cost of medical care every year pushes a big chunk of Indians towards poverty? Because people have to part with their earnings and even take loans to meet the expense of medical treatment.
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Buy as early as possible
You should always buy health insurance when you don’t need it. Because when you are actually in need of health insurance you won’t find one so quickly. No company will entertain a health insurance request if the person is already sick. It is advisable to buy health insurance when you are young and fit. You will lock in the premium amount at a younger age and it will continue as you grow older
5. Risk Transfer
An insurance ensures that when a difficult time arises the financial risk gets transferred from the insured to the insurer. You as the insured pay a premium for this peace of mind that when an unforeseen event occurs you will have insurance to lessen your financial burden.
