Which Should Come First: Buy Life Insurance or Buy Health Insurance?

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Having insurance is one of the important foundations of personal finance. The reason is, in living life, we are always faced with various life risks that are difficult to avoid. Starting from illness, accidents, death, and so on. These events have financial implications that are often quite large. For example, when you fall ill, you will likely need care and medical expenses. Without adequate financial preparedness, our finances can be disrupted because we have to pay for treatment costs that may be quite draining.

However, events that risk generating financial expenses can actually be anticipated with insurance. Insurance transfers the risk of financial loss from us to the Insurance Provider. So, when there is an illness, you no longer need to worry about the cost of treatment because the Insurance Provider will cover it. Now, the question is, when faced with this type of insurance, which one should be prioritized between buying life insurance or buying health insurance?

Where There is Risk, There Needs to be Insurance

Insurance is basically the easiest financial risk management mechanism. Everything that poses a risk to one’s financial condition should be insured. Although not everything can be insured, there are at least two types of insurance that are very important to have; namely life insurance and health insurance.

For young people, these two types of protection are often overlooked because they feel the risk of illness and death is not too great. Life and health protection are sometimes considered to be the needs of mature people who are already married. Of course, this assumption is incorrect, because no one can predict the risk of illness or death.

So, when talking about which insurance is more important, the answer is, both buying life protection and buying health protection are equally important. However, if you are still in a situation where you need to prioritize your premium spending, you can consider your option Life Planner.

Compulsory Life Insurance for Breadwinners

Life insurance or life protection is not about death; it is about how the family can continue life after the breadwinner dies. For example, a father who is the breadwinner of the family dies. The incident automatically stops the financial resources of the family left behind. If there is life protection, the impact can be minimized because the insurance will disburse the Sum Assured (UP) which can be a financial provision for the family left behind to continue living.

Here are some things about life insurance that you need to know:

  • Life protection has many types of protection that can be chosen according to your needs, ranging from term life protection, whole life protection, and endowment insurance.
  • Sum Assured (UP) can be adjusted based on the needs and Sum Assured (UP) can be a provision for the heirs if the Insured dies
  • Life insurance can be accompanied by additional protection (rider) such as health protection, or equipped with investment features
  • If you do not include additional insurance such as health protection, the benefits of life protection cannot be felt directly when the Insured is still alive
  • If you do not add additional protection (rider) such as Waiver of Premium, life insurance premiums must continue to be paid even though the Policyholder is facing financial difficulties.

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