Today's Top Gainer
| SYMBOL | CMP | Chg (%) |
|---|---|---|
Note:Top Gainer - Nifty 50 More
Health insurance: Sooner the better!
Health Insurance an important decison to be taken sooner.
Sep 03, 2017 04:09 IST India Infoline News Service
It is always wise to buy health insurance when you are young because of two reasons; first, because it is cheaper, and second, because the benefits are more. We will take a closer look at these two advantages of buying health insurance at a young age.
Cost benefit: Since the young are less prone to becoming ill than older people, insurance companies offer health insurance at a minimal premium. Conversely, since older people belong to the health risk-prone category, the premium payable by a person of 50 years of age will be much higher than premium payable by a person of 30 years of age for the same amount of insurance cover. So, to begin early is to buy cheap.
Other benefits: Since a young person is less likely to fall ill, he is less likely to make a claim for compensation. If a person does not make any claim during a year, he is entitled to get ‘no-claim’ bonus, which is usually a discount of the premium of the policy. Another benefit is that for the same amount of premium, a young person will get higher amount of cover than a person who is older.
Considering the above benefits, it is always wiser to go for health insurance at a young age rather than waiting to take health insurance at an age when the illnesses are most likely to strike.
