Answer to Question #155686 in Management for Prabhdeep

Question

Importance of life insurance and health insurance in modern lifestyle? (Please answer in 200 to 250 words)

Answer 1

What is the importance of life insurance and health insurance in the modern lifestyle?

There are currently several diseases that are affecting people and the increased number of accidents that may lead to loss of life. Therefore, it is necessary to have a life insurance policy. Life insurance has several benefits where one of them involves assisting in pay off debts. In this case, life insurance assists in paying debts that the deceased may have left behind. By paying such debts, life insurance reduces or eliminates the financial burden that the family could have experienced. Besides, a life insurance policy assists in providing for the family members left behind, thus enabling them to move on with their life despite the loss of their loved one. In some cases, the life insurance policy caters to the funeral costs of the person that has passed away, thus eliminating financial issues that might have arisen.

Besides, health insurance is beneficial since it ensures that the insurer's health condition is always monitored. In this case, an individual with a health insurance cover can access healthcare services whenever a minor health issue arises, thus enabling him or her to improve on the health condition. Secondly, health insurance protects the insurer from any unexpected medical cost that may arise at any time. This is because an individual may develop a health issue unexpectedly.