It is often argued and at times confusing as to what is the right time to take an insurance. Many people still don’t even know the significance of insurance and that, life Insurance and medical insurance are two very different things.
Well, while you will read along in this post, you will learn about life insurance and medical insurance, why and when to take an insurance in your life and how you can save money by comparing policies.
Life insurance
First, we will know what is life insurance and why it is a good investment option as well.
Simply put, life insurance is a promise by the insurer to pay the insured a lump sum amount of money either on the death of the insured or maturity of the insurance policy, whichever is earlier.
Regular premiums need to be paid that are calculated on basis on insured person’s age and term of policy. The sum insured is higher than the premiums paid and therefore they become a good investment option.
Insurance companies have different policies and plans to offer in this regard. Many policies offer you a sum of money every five years of your plan apart from a big amount on maturity or death and a regular income every month if you continue the policy after maturity. Such policies are great as long term investment and saves money through tax planning.
Always buy an insurance early in your life. Since the premium amount is calculated using your age (more the age higher the premium is the rule), it is advised to buy life insurance at early stage of your life.
Medical insurance
People still believe that medical insurance is for those who have any medical condition. That’s funny and not at all true. Medical insurance is your cover against the heavy medical treatment expenses from sudden health issues, trauma, accident or any other medical condition.
Having a Medical insurance doesn’t meant you will be safe from any ailments but that you will be relieved from big medical expenses.
There are different policies regarding medical insurance and some have great investment and saving option as well.
As generally presumed, it is beneficial to take medical insurance from an early stage in life. The cost of premiums in medical insurance increases with your age and any current health issues.
How can you save money through comparing insurance covers?
Every insurance provider offers different policies having different benefits and coverage. Understand insurance as any other market driven product. So you must compare and then buy. It saves you money and time. At times an insurance company will be providing you same privileges but at lower premiums or additional benefits like, child education plan, or monthly income benefit along with the life insurance plan, so you must compare what each company is offering.
How can you go about company to company inquiring about policies you ask? Well, you don’t need to go anywhere, there are many websites that offer you easy compare insurance cover services. All you need is, just fill in your requirements and within seconds you will get to know the results from various companies and best policy plan and from where to buy it.
