Why life insurance and health insurance is neccessary in individuals life?

Question

Which is the best life insurance company according to you?

Answer 1

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Answer 2

The best life ins. co. is the least expensive.

The same is not true for health ins.

Insurance is transference of risk.  Half of all bankruptcies are medical related.

Insurance is the foundation for any financial plan.  Without it, everything you have worked for can all be lost because of an illness or early demise.

Answer 3

For Life insurance, you need to cover 3 areas if applicable:

1) Critical -Death, Total & Permanent Disability, Critical illnesses

2)Disability Income

3)Medical (Hospital & Surgical)

Buying insurance is to buy a sum of money that one will recieve if anything unfortunate happens to one.  It is to alleviate the finanicial loss.

To ask if it is neccessary, ask yourself if you or your dependant can afford a $XXXX amount if any happens to you:

Eg A [1) Critical ]: if one has suffer from critical illness, i) he needs to fork up medical & other fees not payable by medical insurance, ii)he still need to provide his depedents living expenses/lifestyle for next X no of years, iii)any other cost eg loans.  If the total $$ he calculated from i), ii) & iii) is $300000 and he only has total of $80000 in ready assets and insurance, then he and his family might have finanical problem on top on emotional problem if critical illness happens to him.

Eg B [2) Disability Income], what if one is partially disable and he is not able to claim a single cent from his typical life insurance [1)Critical] Now his salary drop 50% because of his disability.  Can he and his dependent able to afford the 50% drop?

Eg C [3) Medical] If one goes for hospital for whatever reason and the medical comes up to $30000, if you afford?

One might not need insurance if he has already a significant amount of asset eg, he has $1 million net and to buy $100000 insurance for protection is not practical.

Another eg. If one is near retirement age, buying disability income is also not practical.

Every life insurance company has its strength and weakness.  This year A company might be good in A product, but next year B company might be better in A product after its product revision.

Do note that I am a practicing advisor and the advice is based on geninue effort and the disclamier is that I'll not be liable for any negative outcome as a directly or indirectly of the above.

However, do feedback if you have a arguable case with reasons.

Answer 4

Life insurance is important to buy if anyone depends on you financially, because it will help them to adjust to a new life without you.  The best life insurance company depends on why you are buying life insurance.

Are you buying life insurance because you want to provide for your children or because you want to leave something for your spouse?  This will help you determine the type or term of your policy.

Did you decide yet whether term life, whole life, or a combination of both is right for you?  Each has advantages and disadvantages, depending on your personal needs.

Did you calculate how much life insurance you'll need?  There are free calculators online to help you determine this.  

Are you willing to take a medical exam?  Your insurance will cost less if you will.

Do you know how much you want to spend on life insurance?  You'll get more coverage at a lower cost from term life insurance, but you probably won't build up any cash value.  Cash value is nice because you can borrow against it, but if you're good at saving and investing, but it's not a great investment because of the low guaranteed interest rate.

Once you've answered these questions, go online and request some free quotes.  See what you're offered and what fits your budget, and choose the one that fits you best.

Answer 5

The best insurance for an individual is not necessary best for another.Each one has its own individual needs.So the best one to find that suit you is contact several insurance companies-look what they can best offer you- and assessed them yourself if its suits you.