Going Through Hard Times in Life? Don’t Cancel Your Medical Insurance Policy
If you are facing financial challenge, it becomes more important to have medical insurance.
You are going through a tough time in your life. Your finances are down and your immediate financial future looks uncertain.
What first step will you take to safeguard your savings?
Stop unnecessary expenses and save every rupee you have.
Your intention is absolutely right!
But in the process of cutting down on unnecessary expenses, you also stop paying the premium of your medical insurance policy and letting it lapse or if you have been deciding on taking a mediclaim policy, you postpone buying insurance till your financial position becomes stable.
Is your decision Right for you and your family?
Let’s say, you are going through a financial crunch and you stopped paying your insurance premium or you postponed buying insurance. Now either your policy has expired or you don’t have an insurance policy yet. Under this circumstance let’s say someone in your family was to fall ill and needed hospitalization.
From where will you arrange for the money to pay for the hospitalization? Will you dig into whatever is left in your savings, or borrow from your friends and family?
If you use your savings, suddenly the balance in your account comes down crashing in just one emergency. And if you borrow the money, you will have taken additional liability of returning the money back. In both cases you suddenly find yourself under immense financial pressure over and above what was already there.
Now let’s take another scenario.
Let’s say, even though you were facing financial hardship you kept your policy in force. In case of medical emergency and hospitalization, you are at an advantage and have better options for treatment — you admit in a good hospital without worrying about the medical expenses. You are rest assured that your Insurance Company will take all the responsibility of paying your hospitalization expense just because you have an MediClaim policy which is still in force.
You and your family will appreciate the fact that you have planned for the emergencies of life by taking MediClaim policy.
You get to enjoy Double Benefits!
Firstly, your savings are not affected by sudden medical emergencies. Secondly, you can choose a good and decent hospital to get yourself or your loved ones treated depending on the Sum Insured cover you have taken.
By taking a MediClaim Policy what you have effectively done is transferred the risks of yours and your family’s life on to the Insurance Company.
That is what Insurance is…
Insurance is Transfer of Risk!
Who in your world is willing to take the risk of paying for your hospitalization expense in case of medical emergency?
Of course Insurance Company!
And to avail this benefit you need to regularly pay your premium and keep your policy active.
So, before you cancel your insurance policy ask yourself –
“How will I pay for the rising medical expenses for myself and my family if a sudden medical emergency should fall upon my family requiring hospitalization?”
If you don’t have an answer that you can trust, hold on to your Medical Insurance Policy. It will be the only friend of yours to take care of you and your family in case of Medical Emergencies when you find yourself not doing well financially.