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LET’S KNOW WHICH TYPE OF INSURANCE YOU NEED

Posted on Monday September 23rd, 2019

We all take preemptive measures to deal with any kind of uncertainties in life. Insurance is such offering that provides a great financial cushion to safeguard you or your dependent family members during tough times. The insurance market offers a wide variety to choose from such as Life, Health and Home Insurance being the notable ones. However, choosing the right insurance plan as per your needs also gets tougher with the variety of choices.In this article, we provide you an insight that which type of insurance you need.

Opt For Term Insurance in Your Early Age
The sooner you buy Term Insurance in your life, the cheaper premium is. It is cheaper than other life insurance products that provide an assured amount to the nominee if the insured person dies during the policy period. As most term insurance plans expire once you attain a age of 60 years, so opting these benefits early will ensure insurance cover for a longer duration at affordable premium rates.

Health Insurance Is Must
Irrespective of your age or financial earning, a Health Insurance must be a part of your safety portfolio. The rising medical costs along with increased risk vulnerability owing to modern day lifestyle can deplete all your financial earnings in one go. Buy a Health Insurance plan early as it will give you an ample time to stay financially protected from any pre-existing diseases.

Link Insurance to Your Financial Goals
While Life and Health Insurance plans should be taken as early as possible for financial security, the type of insurance should depend on your earnings, age, long-term financial goals and the number of dependents. Insurance premiums are cheaper at an early age than of life as the chances of age-related health issues are less. Prioritize essential insurance plans like Term Insurance and Health Insurance over other insurance plans. Do not discount the riders of Life Insurance as an additional burden.

Explore Insurance Cover as Per Your Needs
When it comes to insurance life, health insurance covers are center of attraction, but there are various other insurance covers that can be equally effective for your needs.There are ample insurance plans that can be customized for your needs. It is best to do a little research about these insurance plans before grabbing the best deal as per your needs. For example, if you are a pet lover, you can opt for a pet insurance along with your Life Insurance plan.

Priorities Protection over Anything Else
When it comes to choosing insurance type, prioritize protection over the investment. Term Insurance Plans are not only budget-friendly but also offer optimum protection compared to investment plans. Opt for insurance as an investment once you have ample coverage and a protection plan in place as per your financial needs, your dependents and their future financial goals. With so many insurance plans available in market, picking up the right plan can be a tough task. However, you should assess your needs and protection requirement before opting for an insurance plan.