Decoding Insurance

Having Health and Term Insurance As Soon As Possible Is the Need of the Hour

Having Health and Term Insurance As Soon As Possible Is the Need of the Hour

India is witnessing a nightmarish second wave of Coronavirus and the number of cases are breaking records each day. The second wave seems to be stronger than the former wave with complex mutations. India has pushed the world record for daily cases reporting 401,993 new cases. It is averaging over 3,000 Covid deaths each day, with more than 200,000 deaths in total. To control the dreadful situation, lockdown has been extended in major affected states such as Delhi, Haryana, Uttar Pradesh etc.

The pandemic has been a lesson for all of us to have comprehensive health and term insurance. The devastating disease has once again highlighted the importance of having adequate health cover to fund these medical expenses. The cost of Covid-19 treatment at a hospital can cost anywhere between Rs 15-20 lacs. God forbid if you or any of your loved ones land in a similar situation, then the treatment cost can dent your savings. Therefore, comprehensive health insurance is a must and if you haven’t purchased it yet, you should take a call right away.

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The future only belongs to those who stay protected and amidst a situation like this, you cannot think of a better way than protecting your loved ones financially through term life insurance. Term life insurance helps your dependents to live a life with dignity in case of your sudden demise. It aids in protecting one’s income and helps in legacy planning. There are a lot of personal expenses including household expenses, child’s education, marriage, liabilities which have to be taken care of in case of your absence. If you are the sole breadwinner of the family then you should definitely take a term life insurance policy as soon as possible.

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Cooling-off period for Covid in health insurance

Moreover, there is a cooling-off period for health insurance if you recently recovered from Covid-19 which means you will have to wait for a few months in order to be eligible to get insurance policies. The cool-off period in health insurance plans varies from 1- 6 months depending on insurers if you had contracted the virus. If you haven’t had Covid-19 till now, then you should definitely buy a health insurance plan as soon as possible because you don’t want to be in a situation where you will have to wait to get a health insurance policy after the recovery. Otherwise, you will have to shell out money from your own pocket to cover the exorbitant treatment costs of Covid-19.

Term insurance 

Similarly, the insurer may postpone your term life insurance policy for 3-6 months if you recently recovered from Covid-19. You might also be asked to undergo a physical medical test. Therefore, it is suggested to buy a term life cover immediately if you haven’t had Covid-19 and get yourself covered under the insurance safety net. 

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