When it comes to protecting your family and finances, insurance is a must. But if you’re just starting out, a common question arises: Should I get health insurance or life insurance first?
Let’s understand both types of insurance, their purposes, and which one makes the most sense as your first step.
🩺 What is Health Insurance?
Health insurance covers medical expenses like hospitalization, surgeries, ambulance charges, and other healthcare costs. It ensures that a medical emergency doesn’t burn a hole in your savings. With rising healthcare costs, even a minor hospital visit can cost thousands of rupees.
Key Benefits:
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Covers hospitalization and treatment expenses
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Protects your savings during a health crisis
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Cashless treatment at network hospitals
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Tax benefits under Section 80D
🧾 What is Life Insurance?
Life insurance provides financial protection to your family in case something happens to you. It offers a lump sum payout (Sum Assured) to your nominee, ensuring your loved ones can maintain their lifestyle, pay off debts, and meet important goals like education or marriage.
Key Benefits:
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Secures your family’s future
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Covers loans and liabilities
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Provides peace of mind
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Tax benefits under Section 80C
🤔 So, Which One Should You Get First?
The answer depends on your current life stage and responsibilities.
👉 If you are single or young:
Start with health insurance. At a younger age, premiums are lower, and you’re less likely to be rejected due to pre-existing conditions. A single hospital visit without insurance can wipe out your savings.
👉 If you have dependents (spouse, children, parents):
Life insurance becomes a priority. If you are the primary earner, life insurance ensures that your family will not struggle financially in your absence. It acts as an income replacement for your loved ones.
🛡️ The Ideal Strategy
Instead of choosing one over the other, consider both as essential protections, just like having both a helmet and seatbelt while driving.
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Buy health insurance early to lock in low premiums and avoid exclusions.
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Take life insurance once you have financial dependents or liabilities.
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If budget is a concern, start with basic coverage and upgrade gradually.
💡 Final Thought
Health and life insurance serve different but equally important purposes. Health insurance protects you while you are alive, life insurance protects your family after you’re gone. So, don’t delay – secure both over time.
At Sanskruti Investment, we help you choose the right plans according to your life goals, family needs, and budget.
👉 Contact us today for a free consultation.
Let’s protect your today and tomorrow—together.