Do you need to take your own health insurance cover if your company is already providing one? Often in our Literacy Workshops, many people ask us why is it necessary to our own health cover if our company is already providing. They also ask us why we should take the burden of paying an additional premium. The premium of your health insurance depends on your existing age and medical condition. It will not be the same till you are alive.
Insurance has a very simple funda, whether you want to transfer the risk of your life to someone else or not? Whenever you take any type of health or term insurance, you are simply telling the insurance company that you are telling them to take the entire risk of there lives. Whenever they need any financial support then the insurance company is there to take care of this risk because on a yearly basis they pay a premium so as to protect themselves from life risk.
The company will pay for your safety only until your retirement. What will you do after retirement?
The main use of Health Insurance cover comes only after you retire because major health-related issues come up when post 60 yrs.
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