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What insurance to go for?
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30 Sep, 2020
by Michael Gilbert
Hi,
I don't have any health or term insurance till date. I am 26 years old and bit confused as to should I prefer health insurance over term insurance or go for both.
Please suggest me a suitable health insurance product in the market at an affordable premium with good plan and what cover I should go for.
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Hi Michael,
Personally I'd recommend to have an health insurance first and then plan for term insurance.
You should definitely take an health insurance plan asap, especially given the pandemic situation and the risk this entails.
If you are working at an organization, you might already have some coverage but it is always good to have a personal health insurance to be risk free. Alternatively, you may also go a top-up plan..
Check this article on buying an health insurance. Which health insurance product to go for depends on various factors like your requirement, policy coverage, waiting periods, network hospitals, sub-limits, etc. Do spend some time to compare different plans and understand these points.
I'd recommend you to choose a plan which has no sub-limits or room rent limits and also has good network coverage in your location while keeping in mind your budget.
This handbook on term insurance should give you a good start to understand the what, why and when of term insurance.
Thank you