Factors to Consider while Purchasing Term and Health Insurance Policiesby Himani Mathur Content Writer When you purchase an insurance policy, whether it is a life insurance policy or a healthcare plan, your basic intention is to safeguard your family against incurring extensive financial expenditures. Say for instance, if you have to be hospitalized suddenly and you do not have a health insurance policy, in such a scenario your family members will have to pay for your medical treatment out of their savings. This would definitely create a financial strain on your family. Similarly, if the earning member of a family dies suddenly without having purchased a suitable term insurance policy it would mean a major financial crisis for his family. Thus, all policies are designed to safeguard your savings and protect your family against any financial crisis if something untoward was to happen to you, the breadwinner of your family. Nevertheless, before you purchase an insurance policy, there are certain factors that you must take into consideration and some of these have been discussed in the following sections.
Purchasing a Healthcare Plan
The healthcare expenses in India have increased at an exponential rate in the past few years. Keeping this in mind purchasing a suitable healthcare plan has become essential, especially if you want to safeguard your savings. The health insurance policy that you purchase should cover hospitalization expenses, domiciliary hospitalization expenses and expenses incurred on undergoing expensive medical examinations. Some of the factors to be considered while purchasing a suitable health insurance are as follows:
• Before you purchase a health insurance policy, ensure that you compare health insurance plans offered by different insurance companies on an online platform. By comparing healthcare plans you can easily identify a health insurance policy that does not charge high rates of premium, but provides adequate coverage.
• If you have children and elderly parents who are dependent on you, then you should opt to purchase a family healthcare plan. This will ensure that hospitalization expenses of all your family members are covered under a single policy.
• If you are expecting to start a family soon, then purchase a health insurance policy that covers maternity expenses as well.
Thus, while purchasing a healthcare plan you must carefully evaluate all aspects of the policy and your requirements too.
Purchasing a Term Insurance Policy
While purchasing a term insurance policy the first thing that you must take into consideration is the sum insured. This is the amount that your family will receive if something untoward was to happen to you. Like healthcare plans, you should compare individual term insurance policies like the Reliance Life Insurance Policy on an online platform, before purchasing a particular term insurance policy. Term insurance policies must be purchased by individuals who are married and who are the sole breadwinner of a family. You can also purchase a life term insurance policy if you want to leave a financial legacy for your family. Thus, a term insurance policy will primarily take care of your family’s financial requirements in your absence. So while purchasing a term insurance policy, you must ensure that the premiums payable and the sum insured both meet your requirements.
Created on Nov 14th 2017 07:19. Viewed 366 times.
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