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- Solutions for Personal Losses
All of us may cross 4 type of personal losses like absence of human life, medical expenses of Injury or illness, disability due to critical illness or accidental injury. We can’t stop theses risks, but we can manage financial loss of these risks. Life insurance, Health Insurance and Personal accident insurance will help to recover financial losses at present as well as future.
Solutions for Personal Losses
Life Insurance
While you may not be able to provide for your family forever, the good news is you can plan to help protect them financially with the purchase of life insurance. If you’re starting a family, this is a great step toward making sure they’re protected if the unexpected should happen.
What are the benefits of life insurance and how exactly does life insurance protect your family? Let’s take a look.
Life Insurance Benefits: Financially Protect the Ones You Love
When it comes down to it, buying life insurance isn’t meant for you — it’s designed to protect your family and loved ones when you’ve passed away. And if you’re responsible for the financial security of a partner, child, disabled loved one or aging parent, life insurance is a smart way to help make sure they’ll have financial security in the future.
Life insurance can help provide peace of mind that your family will have some financial protection upon your passing. The death benefit can provide assistance with things like mortgage payments, care of disabled loved ones and basic needs like food and childcare. Ultimately it could allow your loved ones to maintain their current standard of living without worrying about the lost income.
Health Insurance
Health insurance – also referred to as medical insurance or healthcare insurance – refers to insurance that covers a portion of the cost of a policyholder’s medical costs. How much the insurance covers – and how much the policyholder pays via copays, deductibles, and coinsurance – depends on the details of the policy itself, with specific rules and regulations that apply to some plans.
If you don’t have health insurance and you end up needing medical care, you can be left with insurmountable medical bills or even face situations in which medical providers refuse to treat you. Only screening and stabilization in a hospital emergency department are guaranteed if you’re uninsured. Other than that, it’s up to the provider to decide whether to treat you if your ability to pay for the care is in question. Even if your out-of-pocket costs seem high under the health plans available to you, having a health insurance card might make the difference between being able to obtain care or not.
It’s also important to understand that you cannot just purchase health insurance when a medical need arises. Regardless of whether you’re buying your own coverage or enrolling in a plan offered by an employer, there’s an annual open enrollment period that applies, and enrollment outside of that window is limited to special enrollment periods triggered by qualifying events.
Critical illness insurance pays a lump-sum benefit that you can use any way you wish when you are diagnosed with a covered critical illness and satisfy the survival period, as defined in the policy.
A daily hospital cash plan provides a lump sum amount in case of hospitalization and this amount can be used as per the liberty of the insured. He can use the money for meeting such additional expenses or for even compensating the loss of income during the period of hospitalization.
Personal Accident Policy
A personal accident policy is a type of insurance policy that offers you protection against death or disability caused due to an accident. In case of death due to an accident, the policy pays out a lump sum amount to the nominee of the policy holder. In case of permanent total or partial disablement, the policy pays a lump sum amount to policy holder as percentage prescribed in the disability table. In case a temporary disability (duration to recover fitness to do regular work), the policy pays a lump sum amount to policy holder as percentage prescribed in the disability table.