There are practically no pros in remaining uninsured
Insurance policies will provide some additional benefits called riders.
Remaining uninsured can be pretty dangerous as you are not only risking your wellbeing but also the wellbeing of your family and loved ones. It doesn’t take much to get proper insurances done but if you don’t, you might end up landing in thick soup! It is always better to understand the pros and cons of being uninsured and take the decision accordingly. In fact, there are practically no pros in remaining uninsured rather there are gave risks involved and in this blog, we shall discuss all the risks associated with remaining uninsured.
Are you waiting to buy health insurance?
God forbid if by chance you fall gravely sick and end up in hospital your family might find it quite difficult to manage all the hospital expenses including the expenses of your medication. Hefty medical bills can actually push you towards personal bankruptcy which you certainly don’t want. Sometimes medical bills truly become unmanageable even if you are rich you might face a problem. There are many health insurances in India which also pay for your domiciliary medical expenses but up to a certain level. So, make sure that you get your health insurance done in time to keep your personal assets safe.
Being uninsured can also pose a few other indirect problems such as suppose you are suffering from a serious health issue but then you are just delaying for treatment because you don’t have the amount that is needed for your treatment. Studies have shown that uninsured people either don’t seek medical help when it is necessary or don’t get medical help at all.
Have you thought about life insurance yet?
If not then when will you?
You must get your life insurance as soon as possible because yes, you are alive now you can support your family well but what if you die today? Who will take care of your family? You don’t want to leave your family financially unstable right? Life insurance will ensure that your family continues to function smoothly even after you are gone. Financial stability will not make your family vulnerable so first you must get your life insurance and then if you know someone who doesn’t have life insurance then convince them to get there’s this way you will help a person immensely to secure his or her entire family.
Life insurance will help you to secure your child’s education as well as it can become your support post-retirement. You can save your post-retirement funds and your regular inflow of cash will be maintained by the insurance plan. To avail this kind of service you can opt for an annuity which is more like a pension plan, you just have to contribute some amount in life insurance, be rest assured that a steady flow of monthly income is guaranteed. So, if you want to secure the future of your child and near and dear ones plus reduce the risk of financial problems for your family then go for life insurance today.
What are the risks of remaining uninsured?
If you are still uninsured you are increasing the risk of your family running into debts. After your demise, your family might find it difficult to deal with different types of loans that you opted for such as home loan, car loan, personal loan, credit card loans. To prevent any kind of financial crisis after the demise of the earning member, getting insured is crucial.
- Two types of insurances are most important – life insurance and health insurance.
Life insurance policies help provide coverage in the unfortunate event of the demise of the insured person. There are policies like term life insurance and life insurance with maturity returns. Term life insurances don’t provide any returns upon maturity but in the case insured person dies during the period policy is effective then the benefits are huge with respect to the premium paid. Maturity return policies provide lesser coverage upon death during policy period but provide returns on the premium paid at the maturity of the policy.
Health insurance provides coverage against medical expenses in case of any ailment during the policy period. With the increased cost of medical treatment a person without a proper health insurance can even suffer from bankruptcy in case of any severe ailment. Thus it is an extreme financial risk for the person and family if he or she wishes to remain uninsured whether it is life insurance or medical insurance.
- Remaining uninsured does not provide any tax benefit or rebates. Insurance policies enable you to save huge amounts on taxes. According to section 80C and Section 10(D) of the Income Tax Act, 1961, the premium paid on any sort of insurance policy will receive the maximum tax benefit of INR 1.5 lakh. This way you will be able to save a lot which you can use later on in life. Who doesn’t need money? So try to save as much as possible while you can.
Thinking from another angle, when you are investing in life insurance you are also planning to achieve your long-term financial goals. After getting insured you can plan your expenses accordingly else there is a risk that you won’t be able to handle your finances wisely. You can further chalk out a vivid retirement plan. Some policies will pay you dividends but read the documents very carefully to be fully sure of the potential risks as well as the returns. Life insurance or health insurance will not only teach you how to use your money wisely but also will provide you with safety and security in the long run.
If you buy an insurance policy today you will be able to reap the benefits later on in life as insurance policies will provide some additional benefits called riders. These benefits will make your insurance more attractive say for example the death benefit rider will enable you to use a certain part or the entire amount of the death benefit of the policy in case you suffer from a terminal illness.
So get insurance as soon as possible. You might be fit as a fiddle today. But who can say about what happens tomorrow? After all, there is nothing too certain about life. Apart from insurance a very popular and convenient investment option is Mutual funds and people should consider investing in Mutual funds as well for a more secure financial condition.
That’s why Comparte Investment team asks do you have “Nivesh Ki Aadat”.
With this one can say “Mutual Fund Sahi hai”, so let me do Nivesh
