Top 6 Reasons to Own Health and Term Insurance Plans

• Cover may not be enough-

  The coverage provided by your employer may just not be enough. One must understand that organizations negotiate hard with insurers on group insurance plans and provide bare minimum coverage to employees. Highlights of these include co-pay and limited room rent clauses. According to the co-pay clause, the insurer will cover only a part of the expenditure incurred by the employee and the insured employee will have to pay the remaining amount. This just reduces the financial obligation of the employee and doesn't completely eliminate it. Limited room rent clause is self-explanatory – the room rent covered by the insurance policy would have an upper limit. Sometimes it could cover just half the rent. It may also not cover expenses related to those of the doctor’s consultation or the nurse’s service.

• Between jobs-

   If one has resigned from a job and is yet to take up a new job, the insurance coverage offered by the earlier employer would no longer be valid. Any kind of hospitalization for your family members or you may end up causing a huge dent on your personal savings.

• Restricted options-

   The health insurance policy which is provided by your employer may not cover your dependents. In our country, we place substantial importance on the health insurance coverage for our financial dependents. What is the point of having a health insurance plan which doesn't offer them coverage? You could instead purchase a plan that offers coverage to your financial dependents as well such as Click2Protect Health

• Changes in configuration of insurance plan-

   Did you know that the terms and conditions of the health insurance coverage offered by your employer can be changed any time? Pre-existing illnesses or medical illnesses can cease to be covered under the new plan, benefits can be revoked and even protection to dependents can be taken away.

• Can be discontinued anytime-

   You would be surprised to know that the insurance policies offered to you can be discontinued anytime by your employer. These policies are offered as perquisites (perks) and aren't mandatory to be provided. There won't be any legal consequences for the employer to face. One can instead explore buying a term insurance policy such as Click2Protect 3D Plus

• No coverage post retirement-

   The insurance policies provided by your employer lapse once you retire. And it becomes extremely difficult to purchase an insurance policy, either term or health, post retirement. Premiums would be expensive and in all likelihood you may be suffering from illnesses for whose treatment you cannot claim coverage till a certain amount of time has passed.

Purchasing a health and term insurance plan directly from the insurer will save you from all these hassles.