Demands of our life change with time. Different stages need different attentions to fulfill. So how does one health insurance plan cover your benefits for a lifetime? The plans of health insurance have to have changes to accommodate the new requirements arisen with time. There are many health insurance policies designed by companies that will grow with you including your all essentials. The content discusses stages of our journey and the needs for changes in the insurance plans accordingly. It makes you understand that our job will not finish after purchasing a health plan. The real responsibility is to keep the plan suitable for you and your family.
An individual health plan with a minimum sum assured is okay when you are single. But after marriage, the financial burden will be carried out jointly. This is why a plan should include your family members and the sum assured must be increased in order to serve the new demands. The amount will take care of your family member in your absence. Death benefits are also given to the existing spouse to ensure that the family will run without any dependency on others.
After Child birth
Having a sufficient amount of life insurance for each parent is a must-to-have factor. In case of any worse situations like in the absence of you both, your children will be protected financially. Their education, health care and other important things have been taken care of by the insurance policy.
In your ageing
When you enter into the senior citizen group, you need to have a good health insurance that will keep you calm when the emergency strikes. At this age, people are running at high risks of health. So, the plans should cover the expected illness and medical costs. Though health insurance plan for senior citizen has come up with restrictions, it is the only option people at 60 years or above have to protect their health.
Many companies have come up with different plans to protect and cover the different needs of people. For example, you can get a portion of the sum assured in case you are suffering from terminal illness. The plans strictly rely on the companies’ policies, though.
The riders are also available to boost up your base health insurance plan. Generally, two types of riders are designed by companies – accidental death rider and critical illness rider. In Accidental death rider, the beneficiary will get an extra sum assured in case of your death in an accident. A critical health insurance plan, you are eligible to claim the pre-decided sum assured if you are diagnosed with critical diseases like cancer and strokes.