Normally financial planners suggest health insurance requirement based on thumb rules. I do agree that the answer is bit subjective. However, i personally feel that you are the best judge to assess your health insurance requirement from time to time. Typically, we have a tendency to think that nothing bad/unexpected can happen to us. In other terms, only when we are in dire need of health insurance, do we realize the importance of having one. Let's check out 5 reasons why it is important to assess health insurance requirement at regular intervals. 5 Reasons Why You Should Assess Health ... Read More
3 Reasons Why You Should Buy The Home Insurance Cover
A Home is believed to be one single biggest asset for any middle-class family during a lifetime. The emotional value and memories attached to it are ‘Priceless'. As I keep highlighting in my posts that Home Insurance is one of the must have insurance covers. In layman terms, home insurance hedges the risk of any loss or damage to the structure of your home because of natural calamity, fire, etc. You may also opt to insure the valuables like jewelry, appliances, and other contents with this plan. Have you ever wondered about what is the true value of your home? Trust me, it is much more than ... Read More
Premium Payment Frequency – Are You Paying Higher Insurance Premium
The insurance premium is one of the key considerations while buying an insurance policy. At first, to buy insurance or not is a big dilemma, i answered this question in my post to buy insurance or not. Please note that insurance premium is dynamic and variable from case to case basis. Considering everything being equal we prefer a policy with lowest insurance premium. There are multiple factors that impact your insurance premium. For example, Monthly income benefit in term insurance plan can increase your premium. One way to save insurance premium is to buy an online policy. It is a known fact ... Read More
To Buy Insurance or Not – The Probability of an Event Can Help To Decide
Recently I was booking an air ticket for myself. My wife insisted me to buy insurance cover for travel. I politely refused and here comes the googly. She told me "You only keep suggesting everyone buy insurance". Ohh God!! I was trapped :). I replied that if start buying each and every insurance cover under the sun then my entire income will go towards payment of insurance premium. I covered this point briefly in the post, Critical Illness Plan - Do I need it? Normally the financial planners suggest that insurance should be need based. The biggest problem is how to arrive at logical and ... Read More
Term Insurance Plan – Why You Should Avoid Monthly Income Benefit
One of the peculiar traits of a Term Insurance Plan is that you have to visualize the life after death "today". The reason being term insurance plan does not carry any surviving benefits. Therefore, policyholder opts for term insurance plan purely to safeguard the financial future of the family. Based on the queries posted by the readers of this blog, i can conclude that biggest worry of a potential policyholder is whether the sum assured of a term insurance plan will suffice for family or not. I also faced this dilemma. The financial planners suggest opting for a cover equivalent to 10 times ... Read More
Health Insurance Premium – 11 Ways and Tips To Save The Premium
Most of the policyholders are not aware that health insurance premium is dynamic in nature i.e. it keeps changing every year. If you buy term insurance or life insurance plan then premium remains fixed for the policy term. The reason being life insurance benefit is one-time payout i.e. sum assured is paid only in the event of the death of the policyholder. On the other hand, health insurance benefits are recurring in nature i.e. I can avail the benefits multiple/any no of times during the policy term. Therefore, for an insurance provider, health insurance is high-risk policy and is dependent ... Read More
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