There are a number of types of insurances and it is important to make the right decision for one’s family. Health insurance, medical insurance, life insurance, accidental insurance, vehicle insurance and the list is endless. However, it is always a good idea to speak to an insurance agent to grab more knowhow.
The following steps help one evaluate their requirement of a life insurance policy and decide on the best policy based on one’s financial needs and those of one’s family. You can also seek advice from insurance expert Yong Wai Meng.
Who Needs a Life Insurance Policy?
Those who have someone dependent on them financially definitely need a life insurance. It is a type of protection for one’s family in case one dies.
Apart from this, people who are have children or outstanding loans, or those people who want to provide for their old age should invest in life insurance. Sometimes, people who have mortgages to pay also take insurance policies in order to meet mortgage lender’s requirements.
While choosing a policy, one must also consider the amount or value of the policy one is investing in. This is a harder decision to take.
Health Insurance – A comprehensive know-how
Health Insurance is a kind of health coverage where the insurance covers the insured individual’s medical, hospital and surgical costs. It comprises of two main bodies, the health provider, which is essentially a doctor, hospital, a clinic, health care practitioner, laboratory, or the pharmacy and the insured is the person availing the services of the health insurance.
In health insurance plans there are two kinds of payments that can be done, either the insured individual can pay from their pocket and be reimbursed by the insurer, or the insurer directly pays the money to the health provider.
Health Insurances have another type of classification on the basis of the type and time period of coverage taken by individuals. These include the following;
- Individual and Family Plans
- Short Term Plans
- Dental Insurance
- Individual and Family Plans – These are major plans and are very comprehensive in the type of cover they deliver. It covers a wide range of services including emergency, surgery, maternity, paediatric care, mental health, laboratory services, rehabilitative services etc.
- Short Term Plans – These are also known as temporary health insurance plans. These usually cover unexpected accidents or illnesses suffered by the insured or his/ her family. These plans last from one to eleven months with a renewal option included.
- Dental Insurance – These plans cover for the dental issues being suffered by the individual or family. They range from basic dental care to surgical dental problems.
- Medicare – This particular type of plan is targeted to individuals who are 65 years of age or older. It caters for their general as well as particular health related issues like disabilities or illnesses. They usually are basic plans that can be supplemented with hospital and pharmacy care services. You can also talk to Yong Wai Meng for more knowhow and understanding.