It’s crucial to have insurance to navigate through financial difficulties in case of accidents, illness, or death, whether you have a companion or not.
To avoid mistakes with insurance, it’s best to get coverage early when premiums are lower. Waiting to get insurance may increase premiums and exclusions for certain diseases due to waiting periods of 36 to 48 months.
When purchasing insurance, your honesty about your medical history, lifestyle, and other relevant information is crucial. This transparency is not just a formality, but a key factor in ensuring the validity of your policy when you need it most.
When considering life insurance, it’s important to assess your financial needs. Term insurance, with its lower premiums and higher coverage compared to money-back and endowment policies, is often recommended. Aim for coverage that is at least 12 to 15 times your annual income to ensure adequate financial protection.
Regarding health insurance, it’s essential to estimate medical inflation and choose a policy that provides adequate coverage.
Selecting an insurance provider with a vast network of hospitals is also beneficial, especially if the hospitals near you are included. Additionally, obtaining personal health insurance alongside an employer-provided policy is advisable.