Check out 4 Tips for Choosing the Right Insurance for Singles
October 5, 2021 By admin

Check out 4 Tips for Choosing the Right Insurance for Singles

InsuranceCreation.com – Choosing the right type of insurance is often one of the confusing things for singles or singles who already have a steady income. Insurance has many different types and benefits. But the main insurance that a person must have is health insurance and life insurance .

Health insurance is insurance that can provide you with protection for health services ranging from mild to critical illness. Meanwhile, life insurance provides protection by providing sum assured to the bereaved family or providing compensation in the event of permanent disability due to an accident. Confused about choosing these two protection products? Both of these products are equally important, but what if your current income is only enough for one of them? Which one should you choose?

Here are 4 tips from FWD Insurance quoted in a press release, to determine the right insurance choice for those of you who are single.

1. Calculate the budget you will allocate for insurance

Make a monthly budget to calculate your monthly income and expenses, consider how much funds can be used to pay insurance premiums. In addition to insurance, don’t forget to set aside for emergency funds and investments. Insurance premiums vary, depending on the amount insured. Therefore, carefully calculate the funds for your insurance.

2. Prepare an emergency fund It is necessary to have an emergency fund to be used in an emergency.

If you don’t have an emergency fund or you don’t have enough, prioritize collecting it first. Ideally, for those of you who are still single, make sure to prepare cash funds at least three times your monthly expenses. The availability of emergency funds can help us determine the choice between health insurance or life insurance. Because emergency funds can also be used for medical expenses if you are sick.

3. Choose the product according to your needs

After knowing what insurance you really need, health insurance or life insurance, it’s time for you to look for insurance products on the market. First, search for the right health insurance or life insurance products according to your needs via the internet. You can read personal finance blogs or directly visit the website of the insurance product provider company to see the types of insurance products.

4. Are you the type of person who gets sick easily or not?

You need to know your medical history, especially if you have had a severe illness that required hospitalization. If so, this condition will greatly affect your financial goals, so ownership of protection is important and don’t delay. By having insurance such as life insurance. health insurance, even for critical illness, your personal finances can be protected from the risk of loss. Of course, for those of you who are single, periodic evaluation of your insurance needs is needed, because the situation can change over time. What should be avoided is when awareness of new insurance appears when you have been exposed to the risk.