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To Invest Or Insure First? Resolving Financial Planning Concerns For Young Earners

Published On Mar 03, 2021 5:30 AM By Sakshi Aggarwal

Youngsters always get advised by the elderly to save money or invest it in the right place. If you too are a young earner, currently enjoying your income, make sure you follow the wise words from the elders and start investing to secure your financial future. While doing so, do not forget that it would be important to get yourself insured as well. Well, it may seem too much, but remember the earlier you start optimum financial planning, the better it is for you.

Investment or Insurance - What to Choose?

While you may have a desire of buying a house or car for yourself, remember that your dream would only become a reality if you are healthy enough to live it. Health insurance, even at an early age, is a boon. Why? It is because you never know when a medical emergency situation may occur and you may require a significant amount for treatment purposes. Just think! Are you financially so strong that you would be able to handle all the medical expenses on your own, without asking your parents for money or spending whatever you may have saved until then? Do not forget, your desires can wait, your health won’t! So, do not compromise on your health and choose health insurance early in life so that you are secure both in terms of health and finances whenever an unexpected medical emergency situation takes place.

One of the best health insurance benefits is that it takes care of you against medical emergencies, accidents, temporary or permanent disability, which can easily burn a hole in your pocket. Your health insurance plan will safeguard you from financial instability and make sure your parents, spouse, or children have nothing to worry about even during medically adverse times.

How to Make the Right Move?

That being said, you may be thinking what kind of insurance would you require to secure yourself as well as your loved ones? So, remember, a comprehensive health insurance policy will provide you security against heavy medical bills and charges. In addition to the same, a personal accident cover policy will compensate you in case of temporary loss of income caused due to accidents. Being protected against these key health-related expenses will ensure you do not run out of money or sell your assets just to fight the sky-rocketing medical treatment costs.

While looking for a comprehensive health insurance policy as well as a personal accident insurance policy, you will find multiple health insurance companies offering different products. Make sure you choose the ideal one based on your needs as well as budget. Do not forget to keep CSR, policy premium, coverage benefits, exclusions, waiting period, and other key elements in mind before taking the final decision.

Final Words

Buying health insurance in the early years of life may come across as unnecessary, but rest assured, it will help you stay secure so that you can achieve all your life goals in a planned way, and that too without compromising on your anything.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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