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What are the insurance policies to opt for in your early 30’s?

You may be used to the finer things in life, thanks to your well – earning partner. But at any point in your life, you may be reduced to a situation where you will need to struggle to get even the basic of a meal. That is what happens to most individuals who rely on other earning members to maintain their lifestyle.

This is why it is crucial that you insure yourself. With the right insurance cover, brought at the right time in your early life will not only offer a good coverage but also save funds.

So if you are planning to opt for any insurance policies, here are the important three policies you need to opt for:

Term life Insurance: A life insurance may not seem much at a young age. However, there is a possibility at that point in your life; you may be repaying a loan. You may even have parents who are about to retire and who may be partially or fully financially dependent on you. In such a situation, a term life insurance will help in any case of any eventuality. In fact, the younger you are, the cheaper you can buy your term life insurance cover. Experts recommend purchasing a cover that is at least 10 to 15 times more that one’s annual income.

Personal Accident Insurance: Another one of the insurance policies that must be purchased is the personal accident insurance. This is one insurance cover that no individual should ignore, as most working individuals especially in the urban area, is prone to accidents given the required lifestyle. It has plenty of covers that offers a nominal pay, in the event where disability or death occurs. Barring any adventure sports and self-inflicted injuries, this insurance covers plenty of accidents that arise in the normal course of life.

Health insurance covers: The incidences of hospitalisation may be low at a young age, but it cannot be ruled out completely. In fact, a hospitalisation caused by dengue can cost anywhere between Rs. 50,000 to 1 lakh. While your health cover may be covered by employers providing a health insurance cover, the high propensity of jumping jobs will reduce this likelihood. Furthermore, if you join a start-up, there is a high chance you do not even get the health insurance, putting you at a complete risk. The ideal health insurance cover for such individuals can be anywhere between Rs. 2 to 3 lakhs. As you progress in your job or age, you can then include covers with hospital cash, critical illness or any covers that include specific diseases.

Before you opt for any of these covers, you should use the service of online websites and check all the available options in the market. Avoid considering one factor, such as premium payable, before you make your decision.

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