When it comes to making an investment decision, most investors weigh the risk and returns associated with it. However, life is very unpredictable, and you can never know what will happen to you next. While, there is little that you can do to control life’s uncertainty, you can buy the right insurance plans to minimize the impact. Here are top insurance policies suitable for any age.
- Term Insurance: Life is unpredictable, and it is a fact that cannot be denied. The term insurance provides financial coverage for a specified period. In the event of the death of the policyholder, the beneficiary will receive death benefits from the insurance company. This will save the trouble to your family in your absence. The lump sum received by your family after your death will help them maintain their lifestyle and pay off the debt if any.
- Heart Care Insurance: There are increasing instances of heart conditions across the country. It is essential to purchase a heart care plan that will provide a cover in case of a terminal illness. The heart care plan has an inbuilt life cover and offers benefit payouts at all stages of illnesses. It covers mild, moderate and severe medical condition with lump sum payouts at various stages of illness.
- Health Insurance: Enjoy maximum health coverage with a comprehensive health cover. Due to the rising cost of healthcare, it has become essential to invest in a policy that provides a cover for the same. The comprehensive policy will delink your healthcare from your finances. The policy will cover the cost of hospitalisation and medical expenses. Buying a health insurance policy is essential to get coverage against soaring medical expenses and get good treatment without worrying about expenses.
- Cancer Insurance: Even the mention of term ‘cancer’ is enough to panic you. But getting scared is not the answer and one has to prepare at all fronts—physical, mental and financial. As the incidences of cancers are on the rise, it makes sense to go with the right cancer insurance that offers financial coverage to deal with deadly ailment. Such cancer insurance plans cover all stages of cancers. Once the disease is diagnosed, the insurer makes a payout to take care of both the medical expenses and household expenditure.
- Personal Accident Insurance: Imagine a scenario where you meet with an accident that causes grave injuries to you. Now, due to accidental injuries, you are unable to work and as a result, there is a loss of income. In this case, as you are alive, your term insurance policy will not help you. Similarly, your health insurance policy will take care of your medical expenses to a certain extent only. However, the insurance policies will not cover loss of income. To fill the gap, it is advised to buy a personal accident insurance policy that offers coverage to the policyholder and family in case of an accident. The policyholder or family will get the compensation in case of injury, disability or death due to an accident.
Consider your financial condition and the insurance requirement before choosing on a policy. There is no ideal age for the purchase of these policies. It can be purchased by an individual as young as 18. The sooner, the better. It does not make sense to wait for a calamity to buy an insurance policy. Individuals should consider their financial goals and lifestyle when making an investment decision. The policies also come with tax benefits that help reduce the tax payable. Weigh your options and choose policies that meet your requirements.
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