The Art of Money by KG

Dear Friend, In continuation to my previous post about Insurance, t oday I will take you through Health insurance and its importance. The most neglected part of our life is Health and Health insurance. More than half of our population is not even aware about Health insurance and its benefits.  Image courtesy: Google What is Health Insurance? Health insurance is an insurance product which covers the cost of an insured individual's medical and surgical expenses. In many countries, like UK and Canada, health care coverage is provided by the state and is seen as every citizen's right. Need for Health Insurance Medicare or medical costs are rising year by year. In fact, inflation in medical costs is higher than inflation in general items. While inflation in food and clothing is in single digits, Medicare costs usually escalate in double digits. The rapidly increasing medical cost has made it necessary for all individuals to protect themselves and their families with

Dear Friend, I hope you have gone through my initial 2 posts and have made the provision for your Emergency corpus and started saving money through Recurring Deposit or Fixed Deposit. Next Step of saving should be getting insured. Please do not take Insurance lightly and think of getting insured in next 5-10 years. This is one of the biggest mistakes that you can do. Today I will tell you about two types of insurance that we need:   Life Insurance   and   Health Insurance . 1)    Life Insurance : What is life insurance ? Life insurance is the shield or protection against the financial loss which may happen in case of unfortunate demise of the earning member of the family. Any such calamity is always unforeseen, so you must be prepared to face it always. Life insurance provides a lump sum amount for family to take care of its financial needs like Loans and liabilities, children's tuition fees, daily expenses, etc. for some years. Who should be insured ? Th