We all love making plans. The logistics for the Christmas trip to Paris are all laid out and our itinerary appears to be delay- and strike-resistant. Then there’s the promotion at work, which you have been looking forward to all year. And for your birthday, you’re planning a big bash with family and friends.
You can plan all you want but in reality, no one knows what tomorrow will bring. The sad reality is that, even if you are usually in good health, you or a family member can get sick or be involved in an accident.
The only certainty is that most people need medical care at some point. And that is translated into the possibility of hefty bills or being unable to go to work. Especially in the case of a major illness or an injury which involves a long recovery time, the costs can be devastating.
Health insurance protects you, your family and your financial future: it covers the expenses of preventing illness and also protects you for the worst that could happen to you.
Unfortunately, many of us harbour the illusion that nothing bad will ever happen to us. Hopefully, nothing will. However, it’s best to be prepared. And if your employer doesn’t offer you health insurance as part of your contract, it’s best to invest in it yourself.
Health insurance is a contract between you and your insurance company of choice: depending on the plan that you invest in, the company agrees to pay all or part of your medical costs when you get sick or hurt. Other plans also cover preventive care like check-ups and screenings. Health insurance also gives you access to medical resources which otherwise you wouldn’t be able to afford.
The premium that you pay your insurance, usually every month, can be seen as an investment in your health. True, you might look at your monthly premium as an expensive cost – however, not having insurance when serious injuries occur can be even more expensive.
Your health and that of your family is the most valuable asset of all, so you need to protect it.
Life insurance is also another form of protection. As we grow older, get married and build a family, having a sound financial plan is of paramount importance. Life insurance is an important element of your financial plan for tomorrow.
You might look at your monthly premium as an expensive cost – however, not having insurance when serious injuries occur can be even more expensive
Life insurance is especially important in the case that your family depend on your financial support, because life insurance replaces your income in the event of your passing. Moreover, depending on the cover that you take out – this also depends on your particular circumstances such as age – life insurance can also cover the costs of any outstanding debts like loans or mortgages.
Other expenses that can be covered are, for instance, funeral costs. True, no amount of money will make up for loss of life: however, you don’t want your loved ones to be left with an extra financial burden in addition to the emotional burden they are already suffering.
Life insurance is also effective as a form of inheritance. Especially if you don’t have any other assets to pass on to your loved ones, you can still leave an inheritance by investing in a life insurance policy and naming them as beneficiaries. This will set them up for a more solid future and will give you peace of mind that your loved ones will be well taken care of when you’re gone.
One of the few certainties in life is that no one knows when they will pass away. It could be today, tomorrow, or 20 years from now: eventually, it will happen. Admittedly, no amount of money can ever replace a person. However, by investing in a life insurance, you can protect your loved ones from the uncertainties of life.