One who is planning to buy his first insurance policy often gets stuck in a dilemma from where to start health insurance or life insurance. What makes more sense for your family life insurance or health insurance?
Death is less probable compared to hospitalization. You can be almost sure that in next five-ten years, you or one of your family member will be hospitalized for any illness. Hence, from a probability point of view health insurance makes more sense.
Those in favor of life insurance argue that healthcare expenses somehow can be arranged in worst case and life will again be back on track somehow. But if you ignore life insurance plan, it’s a big risk for your family future because the amount required by your family can’t be arranged by asking it from someone. In case of your untimely death, your family will need monthly expenses for lifetime, education and marriage related expenses of your children. Hence, from a point of view of high impact on your financial life, life insurance is more important.
Therefore, it is advisable that you maintain a proper balance between adequate health insurance and life insurance.
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