4 insurance plans you must consider for your family

4 insurance plans you must consider for your family

Unforeseen circumstances can affect anyone without warning. Which is why it’s important to protect you and your family by having insurance coverage. Insurance is meant to protect us financially in case certain unpredictable things happen. Since there are numerous insurance plans available, it can get confusing to narrow down the options. Factors such as dependants, age, lifestyle, etc. play a role when choosing your insurance plan.

Primarily, there are 4 types of insurance plans which are recommended by most.

Through this article, we talk in detail about the 4 insurance plans you must consider for you and your family members.

 Health insurance: The cost of medical expenses is on the rise. To better protect your family from financial ruin due to medical expenses, it is important to find a health insurance plan which provides the right kind of coverage without limitations. There are various health insurance plans which offer an array of benefits. Keeping the needs of your family in mind you should opt for a plan which provides coverage for both pre and post-hospitalization expenses, planned treatments, and access to a wide range of hospitals. By considering all factors, you will be able to better safeguard your family by opting for a plan with the right kind of coverage that suits your needs.  Personal accident insurance: A personal accident insurance plan provides coverage against accidental death and injuries. A comprehensive personal accident insurance plan should provide you coverage against food poisoning, animal and insect bites, and infectious diseases like hand, foot, and mouth diseases. Accidents come bearing no warnings, which is why you might want to consider a personal accident insurance plan for you and your family members.

 Life insurance: Life insurance is of the utmost importance. If you do not already have a life insurance policy, then it is recommended that you opt for one as soon as possible. The pay out that you receive from the life insurance plan can provide a financial benefit to dependants in case of premature death of an insured or an unfortunate event causing permanent disability on the insured.. Life insurance plan is especially beneficial if you are the sole breadwinner of your family. There are two life insurance policies that you can opt for; whole or term life insurance. A whole life insurance policy provides coverage against death, terminal illness, and total permanent disability that lasts your whole life, whereas a term life insurance plan will cover you for a certain period of years against death, terminal illness, and total permanent disability.  Critical illness insurance: Under a critical illness insurance plan, you are provided with a lump sum pay out if you are unfortunately diagnosed with a critical illness. Some of the major critical illnesses include cancer, stroke, heart attack, etc. The pay out that you receive under this policy acts as an income replacement and can be used to tide you through the your recovery period. If you have a family history of critical illness, then you should seriously consider signing up a critical illness insurance policy.

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