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Four Different Types of Personal Insurances

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Generally there are four kinds of insurance policies which should be a part of your portfolio – life, health, personal accident and critical illness. Now the question arises as to who should take what and when? The purchasing of any policy should be guided by your life cycle stage and goals.

Life Insurance:

 It is very clear that when there is anyone financially dependent on you, you should definitely buy life insurance policy with adequate sum assured.

 

Health Insurance:

This is a very important cover which must be taken even if there are no dependents. Looking at the rising health care costs one must buy this policy the moment they become financially independent. Sometimes people avoid taking health insurance since they are already covered by their employer. But to cover up the uncertainties in the job market this insurance is must. Moreover one should understand that it would be very difficult to get a health cover once you get diagnosed with some illness or when you retire. The earlier, the better.

Critical Illness (CI) policy:

 One can buy a separate policy or can take it as rider with the life insurance policy. This insurance covers major illnesses related to the heart, brain, kidney etc. and provides a one-time lump sum amount for treatment. ( also read: All about critical illness policy)

Personal accident (PA) policy:

This is the most ignored amongst the lot as it does not have any tax benefit. On the other side it is the cheapest, so sometimes you find its benefit attached with your credit card, bank accounts etc. But like other policies this policy has its own impact on your financial well-being and insurance portfolio. This policy covers you in the case of accidental death, permanent total disability, permanent partial disability and temporary total disability. You can purchase this policy separately or can take it as a rider with any life insurance policy. But it is advisable to take it separately as you can manage it better. Also, the stand alone policies are generally more comprehensive than riders

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