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How important is it to buy medical insurance for my spouse?

Oct 30, 2019 | 9 months ago | Read Time: 3 minutes | By iKnowledge Team

When you get married, you and your spouse dream of providing the best of facilities to your children. From school to college, and thenmarriage, you and your spouse make sure that everything has a plan and an emergency exit if things don’t go well. As both of you play an important role in the upbringing of the children, ensuring each other’s safety becomes top priority.

In life, events like illnesses and death are unpredictable, and such incidents can affect your family substantially. Your spouse maybe a working professional and travels a considerable distance to work. The busy work life does not give him/her enough time to think about physical fitness, and the desire to excel at work, keeps him/her stressed. Such factors can put your partner’s life in danger, and if your spouse’s health deteriorates or in the worst case if these factors cost your partners life, managing the entire household all by yourself, could become an arduous task. To avoid such situations, it is recommended that you get your partner insured.

We face numerous risks due to our lifestyle and preferences, which primarily affect our health, and since the price of medical procedures is significantly high, a financial supplement could be highly beneficial. To cover health related issues, you choose to purchase a basic health insurance policy, which offers a decent amount of cover. There are two types of medical insurance policies that you need to know about before you purchase the policy.

  1. Indemnity insurance: This type of policy is great for the people who wish to stay prepared for the future. In an indemnity insurance policy, the cost of hospitalization and medication is covered under the policy. Moreover, the policy does not end once you have availed it. If you have used 50 percent for your spouse’s treatment, the rest 50 percent will be kept for the future.
  2. Benefit Insurance: These types of policies come handy in times of major medical emergencies. As the policy pays the insured with a lump sum amount at the time of emergency, this policy can also be useful in funding surgeries and therapies. Some benefit insurance policies also come under the categorization of critical illness plan, which are also known to provide a lump sum amount to the policy holder, if the insured is diagnosed with a critical illness.

Critical illness like cancer can be a massive pocket drainer. Moreover, if your spouse is diagnosed with cancer while uninsured, the charges for treatment, medication and procedures can coax your family to compromise on many things. To avoid ending up in situations like these, you can opt to buy a critical illness insurance plan. If you are looking forward to purchasing a cancer related policy, here are the things you need to keep in mind:

  • Cancer types: Not all cancer types are considered lethal by the insurance companies. While insurance companies provide a substantial amount of sum assured to the policyholder upon cancer detection, skin cancer, for instance, is normally not covered by most of them. Thus, it is important that you check the types of cancers that are covered by your insurance provider. You may want to opt for separate cancer insurance.
  • Online access: Most of the insurance companies provide the perk of monitoring your policies online. With online access, you can not only buy an insurance policy for your spouse, but also monitor the premium outflow and the term period.
  • Slabs of sum assured and benefits: The amount of sum assured paid to the insured, depends on the severity of the diagnosed cancer. If the cancer is detected at an early stage, the policyholder receives 25percent of the sum assured, and the future premiums are waived off. If the cancer is diagnosed at a major stage, 100percent sum assured is paid to the policyholder and the future premiums are waived. If the cancer is diagnosed at the critical stage, and no claims have been made before, the policy holder gets 150 percent of the sum assured.

At the end of the day, although getting your spouse insured is not mandatory in India,getting him or her insured will only benefit you in the long run. To know about Aegon Life’s life insurance products like term insurance and other products, visit our home page.


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