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Important Checkpoints for Life and Health Insurance in 2020

IndianMoney.com Research Team | Posted On Friday, January 10,2020, 05:43 PM

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Important Checkpoints for Life and Health Insurance in 2020

 

 

As the New Year begins, it opens avenues to new prospects and challenges. Therefore you must prepare yourself for the challenges and the best way to negate uncertainties along the way is by updating your life and health insurance plans. The best way to start your new year is by assessing your current situation, evaluate your insurance requirements and compare them with the covers you already have.

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Here is a guide that can help you to understand the things you need to consider while assessing your insurance covers:

Life Insurance Checklist for 2020:

Life insurance policy is an agreement between the policyholder and the insurance company where the insurer agrees to pay a fixed sum of money on the accidental demise or natural death of the policyholder during the policy tenure in returns of regular premium payment. To make sure you have the best life insurance cover in 2020, you need to evaluate your current circumstances. You can re-examine your life insurance policy and make the desired changes if you have been through a major life-changing event. Here are a few things you need to consider:

  • Addition of a New Family Member: If you are about to be blessed with a newborn member, then you will surely want to include him/her under your insurance plan. Therefore you need to expand your cover by determining the right cover. In such a case the sum assured or the death benefit also increases. So consider your changing circumstances and access the changes you need to make to enhance your cover.
  • Death of a Family Member: On the contrary, if there has been a recent death in your family, for example, the death of anyone of your parents, then you must consider the situation. Sometimes, individuals name their parents as nominee and thus you need to make the required changes due to the demise of your nominee. Ideally, a life insurance cover is meant to cover life risks and provide financial security to your family members. So if you have fewer people to protect now, you may re-think and re-work on the large insurance cover that you had until now.
  • Reduction in Family Obligations: You need to reassess your insurance cover if your responsibilities have reduced. For example, if your child is about to enter the professional world then you need to reassess your life cover. Similarly, if you have recently completed the payment of your home loan, then you may consider reworking on your insurance cover. You don’t need to maintain or pay for higher insurance cover once you have cleared your biggest responsibilities.

The principle aim of your life insurance cover should be to provide sufficient financial backing to your dependents in case of an unfortunate event. The people dependent on you must not face financial problems when you are not around. So you work does not finish after buying the insurance cover. You need to re-assess your insurance cover and accommodate the changes to get the best possible benefit from your life insurance.

See Also: Health Insurance for Family

Health Insurance Checklist for 2020:

Health insurance too plays a vital role in our lives and you need to re-assess your health insurance cover by considering your changing health status. When revising your health insurance keep the following points in mind:

  • Changes in Group Health Insurance: most of the employees rely on their company’s health insurance plan. If you too haven’t yet purchased a personal health plan, then you need to factor the changes made to your group insurance plan. For example, what are the changes made and is the new cover sufficient for your health emergencies? You can plan to buy health plans if you find the cover insufficient.
  • Change in Your Health Status: have your health status changes in the previous year? For example, with increasing age, people incur ailments like diabetes or cholesterol. If you too have been through any such change or if you are about to undergo a medical procedure then you must make sure your health insurance can provide you with the required coverage.
  • Modifications as Per Your Circumstances: birth or a death in your family can impact your health insurance too. You can make changes to your health insurance in 2020 by considering your changing circumstances.

Just like your life insurance, you must also re-assess your health insurance plan. Updating your insurance covers by assessing your current situation will allow you to remain stress-free and will give you the confidence to face any kind of challenges ahead.

See Also: Does Health Insurance Cover Air Pollution?

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