Insurance A Must In These Uncertain Times For Everyone’s Health and Life

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These are uncertain times in which we live. Live has become unpredictable, one cannot tell what will happen to him or his near and dear ones. Everything happens so suddenly that our mind panics and stops working logically when we are faced with such situations. We regularly see problems being faced by people around us on a regular basis but we always think that it only happens to others and not me. We further justify telling that ‘look at me till date I have never faced any problem for so many years of my life, I am hale and healthy then why should I be bothered when something happens to others’.

 

This is the attitude majority of people in the world have. One can always pause and think ‘Ok, today it was him and tomorrow it could me too’ . This small thought does not cross ones mind. In the olden days life was unpredictable we had to fight for survival on a daily basis. Today man has come to a position where he can stay comfortably healthy for a long period of time even if one has health issues. Mortality rates have also reduced. So the chances of us being alive have increased. All said and done life is still full of uncertainties.

 

We do not know when we leave for office in the morning daily whether we would safely return home in the evening. We do not know if we may also meet with a problem for no fault of ours and would be bedridden for a long time or hospitalized for life. We also do not know if our family members will be safe in our absence or if our house will be burgled or there may be a fire in our house. There can also be a earthquake,  heavy rains, electric shock and the list goes on and on. Any one of us can at any point of time have a health issue and can lose our lives too. This leaves those dependent on us in the lurch if we have not made the necessary provisions and arrangements. Here are a few solutions which can be made by us when things are fine and life is fine and fit as a fiddle.

 

Life Insurance – Any life ones comes into existence needs insurance. One may ask why is it so, as the concerned is not working and is young. The answer is no. It is not whether one is working or not or whether one is big or small, a life when born has to have an insurance. This is because of the principle that anything can happen to anyone at anytime. There is no time and age or prescribed place for this. So see that all members of the family have life insurance. There are many insurance companies out there who are offering different policies and would like to offer you the lowest premiums, the best of service and the highest maturity value, should the insured be alive or in the unfortunate case of death of the insured give the insured amount to the dependents or whoever is the nominee. One more thing never travel as a family. If you are a family of four or five people split into two separate groups and travel. This is because if something happens to one group the other is safe and will get the insured amount which if all happen to be in the same boat and all perish no one will get anything and moreover precious lives are lost.

 

House Insurance –  This forms a important part of protecting ourselves and our families. If our house gets damaged due to floods, water logging, tsunami, earthquakes or some other accident in the apartment where we live in we can claim insurance for the damage caused to the house due to the unfortunate event. We will not end up paying up through our nose for a new house again. Make sure you check all the risks are covered and ask the agent what is not covered to be clear about what you are entitled for and how much are you entitled for. If you have to pay some more premium to cover everything pay up and buy peace of mind.

 

Insurance for electronic equipment and other goods and valuables in the house – You never know what damage is going to be caused to what equipment in the house and house take a comprehensive policy for the above mentioned equipment and anything else you would feel is valuable and would want to be covered. You can pay a rider and can also include burglary in the policy too. Ask the agent clearly what are the things which are excluded and whether they can be insured by paying some additional premium.

 

Vehicle Insurance – We all have vehicles and also use the them. Having vehicles and driving them means a chance for accidents to occur too. So please get your vehicle insured and also check in how much time will the insurance company settle the claims for you to buy a new vehicle. Also ask what is the percentage of compensation or claim settlement which you are entitled for as it varies depending on the situation and the kind of accident the vehicle is involved in. Check whether it includes accident insurance too or not. Travel insurance is also an insurance worth considering before travelling. Take a policy which is all encompassing.

 

Personal Accident Insurance – In case you are told in the above case that it is only the vehicle which is insured and not the person driving it. Then you have to go for a personal accident insurance. Personal accident can occur while driving the vehicle, walking on the road, on the lift or stairs,  in the office premises or even in your house too. See that the insurance you take covers all the places and does not exclude anything. As excluding any one item means you and your family are risking yourself even after taking a insurance which is a criminal waste of time and effort on your part. Read the rules and conditions and see what are the risks which are listed for which you will be paid and how much.

 

Group Insurance –  This can be either for the whole family or it is also taken by companies where you work for all the employees and their families and is all encompassing. The advantage of this is that the amount of premium is less and is generally paid by the employer as a benefit for the employee. Or else you would be required to pay a small amount of premium which is very easy on the pocket compared to the benefit and insurance cover you and your family are eligible for. So if such a facility is there in your company avail it. Or else you can also take a family group insurance for your family directly from the insurance agent too. This is good as the premium is comparatively less hence is advisable.

 

Hospital Insurance – This is available either individually or for the entire family too. Your health checkup will be done for this and you have to declare of any preexisting illnesses as they are excluded. You can see if their is an option of paying a rider or a small amount more after the declaration and seeing that even that existing health issue is covered. There is a waiting period for this and it starts after that. You will generally also get annual medical health check up in this too. If one unfortunately ends up with a serious health issue he or she can claim hospitalization expenses for a declared number of days which is usually free and then he will be paid a part for the expenses for the remaining amount. There are cashless varieties too in this. You do not need to run to the bank and spend money the insurance company has an agreement with the hospital and will settle your bills directly for you and your family member.

 

Annuity and pension schemes –  Here a regular amount is cut from you salary or you have to pay a premium either way you will be entitled to an agreed amount once you retire for the rest of your life. In case the person who gets pension passes away unfortunately then the eldest in the family is eligible for the same. This acts as a safety net for you and your family especially when you are old and have retired having no proper sources of incomes.

 

Hope all readers would consider taking policies wherever they deem it necessary and increase their safety net. Make sure you pay your premiums on time as on time payments help in release of your amounts faster when required as your financial discipline is appreciated. Insurance is a big field and there are many companies which are there around the world to serve you. You can check the price and take one that is light on your budget and also useful for you and clarify all doubts with the agent.

 

Make all declarations clearly and do not hide any details as that creates problems for the dependent to get insurance in the absence of the deceased. Keep all your policies and papers safely in a locker as getting it if lost is a long and a tedious process and you have to pay fees too for that. See that you claim your monies when your amount is due to mature. Also check the numbers, address and contact and other details of the insurance company regularly to see and update if there is any change or procedural change. I have seen many families who have got the maturity after the main person who was the sole bread earner has passed away. The good thing they did when they were alive was that they took proper insurance and protected the family even in times of adversity.

 

We all live life ones so it is all in our hands as to how we ensure the safety of the loved ones in the case of unfortunate events which have become a regular affair these days. The family who provider has insured the family will be grateful for what he did for them all their life as no doubt the person will not come back but at least those remaining will have a decent life than leading a shattered life. Go for the company who have the best of service and the highest record of claims settlement.

 

Make sure you understand and read the fine print before signing. All governments should see that they provide all the above to the citizens of the country as a social security measure. If they cannot do that then at least they can see to it that they make it affordable to all citizens of their country. Do you any of the above insurance? If you have a story to share do share it in the comments. Would like to know about the case.