Let's start protecting your health from now on to the future.
Insurance serves as an umbrella of protection that safeguards a person's income in the event of life risks. Life risks are unpredictable and can arise at any moment. Therefore, all of us must manage life's risks by purchasing the appropriate insurance products based on our needs and budget. Below are three types of insurance that should be acquired while we are healthy and at a productive age.
Health Insurance
This type of insurance covers the risk to a person's life when they fall ill and require hospitalization. It covers medical expenses, surgeries, medications, doctor visit bills, and similar costs. In simpler terms, this insurance can alleviate expenses related to medical care due to illness or accidents and can be processed directly or through cashless transactions using a card.
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Critical Illness Insurance
This insurance protects individuals diagnosed with a critical illness. Its purpose is to allow the affected person to focus on treatment and recovery. Critical illnesses include cancer, heart disease, stroke, kidney failure, spinal cord injuries, diabetes, and many others. This type of insurance offers income protection, which the insurance company will pay to its policyholders.
Life Insurance
Life insurance comes into play when someone passes away. The funds from this insurance are paid to the insured's family, typically transferred to the heirs designated by the insured, such as a spouse or children. These benefits can help meet the needs of the surviving family, covering expenses like children's education, funeral costs, and more. It's important to acquire life insurance, health insurance, and critical illness coverage while you are young and in your productive years. Why is this important?
First, as people age, the risk of developing critical illnesses naturally increases.
Second, premiums tend to be more expensive as one gets older.
Finally, the older you are when applying for health insurance and critical illness coverage, the more likely you are to be declined by the insurance company, especially if you have a history of serious illnesses or medical issues. Therefore, make sure to obtain these three types of insurance as early as possible, as we never know when the risks of life may arise.
