Tuesday, August 26, 2008

Life Uncertainty - Any Financial Compensation?

Death is certain. Life is uncertain. Everyone in agreement? If yes, isn't it a sure bet to hedge our money on insurance protection? A sure win proposition? But why is this market still consider untapped?

Perhaps many shied away from buying insurance policies because they could not afford it and certain extent due to procrastination. Not because they felt they are immortal!

For those who could afford, many bought insurance policies on an ad-hoc or stand alone basis which does not provide much protection or benefit to them or their next of kin. Some spent quite significantly on various policies which in reality were not relevant or necessary, hence incurring additional expenses. So it is vital to prioritise your insurance needs to match your financial budget.

Take into account your budget and buy policies that provide comprehensive coverage. A suitable plan should cover income protection, children education needs, liabilities, post retirement health care and critical illness protection.

Employees should think beyond their retirement medical and health insurance coverage. They should look for independent medical plans apart from those provided by employers. Critical illness protection plans are important for better and affordable medical treatment. This protection could also provide a peace of mind.

Once a loved one is struck with critical illness and eventually kick the bucket, there is nothing in the world that could replace him / her. However at the very least, there is some financial compensation to sustain the lives of the dependent or to pay for the ever rising medical bills!

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