What to Prioritize Buying Life Insurance or Buying Health Insurance?

Ngopisantuy.comWhat to Prioritize Buying Life Insurance or Buying Health Insurance?, The amount of health protection premium depends on the age of the Insured, health condition, and the coverage of the protection benefit. Therefore, the most ideal time to have health insurance is when you are young and healthy.

However, if you have to choose one first, you can buy health insurance first, especially if you don’t have adequate protection from the workplace. By completing the need for protection, you can maintain personal financial stability from expenditure shocks that are difficult to predict in the future. Come on, the spirit of insurance!

So, if a disease occurs, you no longer need to be concerned about the expense of treatment because the Insurance Provider will cover it. The question is, when it comes to insurance, which should be prioritized: getting life insurance or buying health insurance?

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There must be insurance wherever there is danger

Insurance is the most fundamental financial risk management technique. Anything that might jeopardize a person’s financial situation should be covered.

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Although not everything can be covered, there are two forms of insurance that are essential to have: life insurance and health insurance.

These two sorts of protection are frequently overlooked by young people because they believe the danger of being ill and dying is not too great.

Mental health and safety are sometimes regarded as the demands of senior age groups who are married. Of course, this assumption is false, because no one can anticipate the likelihood of being ill or dying.

So, when it comes to which insurance is more vital, the answer is that both purchasing life insurance and purchasing health insurance are equally important. If you are still in this predicament, though, you must prioritize premium expenditure.

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Breadwinners Must Have Life Insurance

Life insurance, sometimes known as life protection, is concerned with how the family will continue to live when the breadwinner dies. For example, a father who has been the family’s sole supporter dies. The catastrophe immediately halted the financial resources of the family who had been left behind. If there is life insurance, the impact can be reduced since the insurer will pay out the Sum Insured (UP), which can be used to provide financial support to the mourning family.

Here are some things you should know about life insurance:

  • Life insurance comes in a variety of forms that may be tailored to individual requirements, including term life insurance, whole life insurance, and endowment insurance.
  • The Sum Insured (UP) can be changed based on the needs, and the Sum Assured (UP) can be used to provide for the Insured’s heirs if he or she dies.
  • Life insurance can be supplemented with additional protection (riders), such as health insurance, or it might include financial elements.
  • If extra insurance, such as health protection, is not included, the advantages of life insurance cannot be realized immediately while the insured is still living.
  • Life insurance premiums must be paid even if the Policy Holder is experiencing financial difficulties if additional protection (rider) such as Waiver of Premium is not included.

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Everyone need health insurance

According to Willis Tower Watson’s 2020 Global Medical Trends Survey Report, healthcare cost inflation in Indonesia increased by about 10% in 2019 compared to the previous year, and this rate is expected to rise further. Having health insurance helps us to live with peace of mind, allowing us to focus on recovering rather than worrying about how our finances may be affected by rising health-care expenditures.

The Indonesian people have had a social security system in the health sector under BPJS Health since 2014. However, with rising health-care expenditures, getting personal insurance is a prudent move.

Here are some things you should know about health insurance:

  • You can select several sorts of health insurance or health protection based on your demands. Specifically, hospital benefit or reimbursement for medical expenditures, as well as hospital cash plan or health protection to cover lost income during illness.
  • The majority of health insurance plans include a cashless claim system with a card, so you don’t have to worry about saving up for treatment when you need it right away.
  • Health insurance enables you to get care discreetly, comfortably, and promptly at health facilities overseas, without queue or onerous bureaucracy.
  • Outpatient services, hospitalization, surgical treatment, and maternity care are all covered by health insurance.
  • The cost of the health insurance premium is determined by the insured’s age, health condition, and the extent of the protection benefit. As a result, the best time to get health insurance is while you are young and healthy.

However, if you must select one, acquire health insurance first, especially if you do not have enough employment protection. By completing the need for protection, you may retain personal financial stability in the face of future spending shocks that are difficult to forecast. Come on, the insurance spirit!

Author: Irawan
I'm a regular contributor to IRAWAN commander, and in my business blog, my team and I share tales on the experience of starting a business from zero, how it feels to build a startup, and how to scale-up.

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