Right Time To Get Insured

Right Time To Get Insured:

As a human being, we normally set Time or age to do something. When a child born, there is fixed age to get admission to Play Group at the age of 2+ years, Nursery at the age of 3+, High School at 14th year and the college at the 17+ years, to get married at the age of 21st and 18th year for boy and girl respectively, to Elect politicians at the age of 18th, there is long list of events per the age criteria.

But, Is there any benchmark of age for the mishap with anybody?

No. There is no benchmark of age in Life’s events, mishaps can be with any person even without any pre-information.

During, my Life and Health insurance career, I meet lots of people, with huge money to invest in Life and Health Insurance to get cover them or their beloved, but I can not able to provide life cover / health cover to them, Why?

Because Life had played its unkind role, with them or with their beloved.

A father meet me and requested to cover his 7 year old child with Life, Health and Cancer Insurance. I surprised, why the person came from front for taking the insurance, and soon I got my all questions answered. His child was suffering with 2nd stage of Blood Cancer, and that person don’t have any Insurance for his child, even the health plan, and now he was hopeless as he don’t have enough money for the treatment of his lovely son.

Another case was with a well settled person only 41 years old, he is Top most employee of his firm, has Life cover of 1.10 Cr and 5 Lakh health cover, but he want to take huge life and health insurance for himself, Why?

Because, he had gone through the Open Heart Surgery with Bypass and Coronary stent as resultant of Major Heart Attack, and in tension with his present Life and Health Cover. He has Rs 1 cr (Term Plan) Life cover from his private company (Employer) and Rs 5 Lakh as Corporate Health Insurance. It’s mean he has only Rs 10 Lakh cover for his own life and he knows well after retirement or changing the company he will not enjoy the cover of Rs 1 Cr for his life and health cover of Rs 5 Lakh. But again, he can’t take Life or Health cover for himself at all now.

One another case is of just 33 years old man, with two lovely kids of age 7 and 9 years, had lost his both kidneys as he ignored the High Blood Pressure in his early age. He has taken one kidney from a kind donor and spent Rs 7 Lakhs for the operation. He want to take Life as well as Health insurance now, but we can’t offer.

Another case but not Last one, A person meet me with having Rs 5 Lakh as health and Rs 12 Lakh as Life Cover, and want to increase his Health and Life Cover, why? Because he is third stage cancer patient and has realized the importance of Insurance when he was on bed for operation, Rs 5 Lakh paid by Health insurance company out of Rs 8 Lakh for twice.

There are many people who don’t have Life as well Health cover or are under insurance cover (Under Insurance Cover is Insurance cover below their required risk coverage). Sometime people say, we will buy insurance when it will be needy, some avoid insurance as they think it is wastage of money.

Insurance is a tool which takes Guarantee to save your assets during the tough time, and will take care of your family in your absence. There is no pre-determined point of time to get insured, as soon as your responsibilities increases you should increase your Life and Health cover accordingly, because you can buy insurance only till you are medically fit, then-after you can’t buy or increase your risk coverage.

Amit Saxena

Financial & Insurance Consultant
MaxLife Insurance Co Ltd & MaxBupa Health Insurance

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