Hello all! Wishing each one of you a very good day!

In the first part of this series of blogs, we had highlighted the fact that why protection is an important aspect of one’s life, both personal and financial.

Let us discuss once again briefly why we think so and why we urge our clients to also focus on this before anything else. To understand this, we need to know what kind of protection we need to have or what kind of insurance products are out there.

So, we have developed certain categories for people who need protection. They are salaried individuals (retail & HNI), professionals & business owners. Now, let us delve into what kind of protection is needed by these categories of people.

So, if you do fall in the above category, the abovementioned types of insurance products we think are important for you to take to live a peaceful and hassle-free life. The absence of any of these above products can create a serious repercussion both personally and financially.

In this series, in the upcoming parts, we will discuss what the products really are and why they are so important. But in this part, let’s discuss one very important product, and that is health insurance.

Health insurance is a very key product, and you must have it in your portfolio. This product can be a game changer when it comes to financially and medically protecting one’s life. What does health insurance mean? Health insurance is a product taken to take care of unforeseen expenses that occur because of a sudden hospitalization due to a medical condition or an accident.

Now, let’s take a scenario where one doesn’t have health insurance or has inadequate health insurance coverage. In both scenarios, one will end up paying either full or part expenses out of his or her own pocket. This could be any amount, and it will put a dent in your finances for that particular year.

Some people might think that they do not need health insurance in the prime years of their age and say that they will take it later. But in most cases, they end up paying either more money or having exclusions in the insurance policy or getting rejected altogether because “Insurance is only meant to be given to healthy people, especially when it is health insurance.”

What people need to understand about insurance is the following: The insurance company will always look at the risk of a claim that can come from a policy. It is the most important factor for them. If an individual is aged and has comorbidities, the premium to cover the risk would always be higher (usually 50% more costly and in some cases even 100% higher). If the period of comorbidities is longer, then there is a possibility they will have complete exclusion from coverage.

I have seen several cases where people want to opt for a policy but either get rejected, have exclusions, or have a premium so high that they can’t afford it altogether. This is the reason you must take protection earlier in life and when you are in prime health, because the premiums are cheaper and coverage is adequate.

We will discuss more on the protection philosophy in the upcoming blogs in this series, but I will end this one again with one statement - You can only protect your goals by protecting yourself—period!

Ciao! Goodbye! And keep looking at this space for more!

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