Devoting 40 to 50 years of your life to making a living and building a career is a long journey with many twists and turns. Many people may not see the importance of health insurance, for example, until they start a family; however, preparing for bumps along the way is a crucial step to protect yourself and your loved ones from financial hardship. It also sets the foundation for a comfortable retirement.
Your income, regardless of if you are the breadwinner for your household or not, is the result of several dedicated hours. It is probably also how you intend to fund your passions or plan for the future. The last thing anyone wants is for an unforeseen illness to jeopardize your vision for the future or set loved ones back financially. To protect against these possibilities, you may want to invest in protection to ensure that your needs are covered fully.
In general, when considering private insurance options, working adults with or without children should consider solutions to cover healthcare, retirement, and end-of-life expenses. Although the reasons why you would need life insurance will differ for each person, products in these categories will give working adults the peace of mind that they will be provided for in times of need.
Health coverage
The rising cost of medical care in Bangladesh is contributing to the need for insurance to ensure that a health scare is not financially devastating. The importance of health insurance cannot be overstated. This is not just because illnesses are unpredictable, but also because the financial impact on you and your family can be significant. Health riders, which can be purchased by adults under the age of 60, provides cash for hospital stays and to fight critical illnesses including stroke, cancer, cardiovascular diseases, and some neurological issues. This protection can be secured as an add-on to a basic life insurance policy or as part of a comprehensive plan. Some plans will even pay back the full premiums paid during the policy term if you remain healthy and do not have a need to use the coverage. For these reasons, health insurance is especially important because of how quickly illnesses can drain savings while the individual is unable to work.
Retirement planning
After completing a long career, it is natural to want to enjoy your golden years to the fullest. With the average life expectancy of Bangladeshis up to 72 years old, more people need to be prepared to cover living expenses after their working years and not rely on anyone financially. Retirement or pension insurance plans are savings vehicles, which allow people to prepare for a stable future that delivers steady income to cover expenses. Some plans even offer additional benefits, such as accrued reversionary and terminal bonuses, and include a guaranteed payout in case of death before retirement.
Life insurance
Is life insurance a good idea? It certainly is if your goal is to protect your loved ones from financial hardship in the event of your untimely death or a permanent disability during peak working years. Term insurance plans can guarantee a payout to your beneficiary, and policies tend to last for a specified period. This ensures that your family is protected until children are grown and financially independent, or until household debts are paid off.
More robust saving and investment plans like MetLife’s (https://www.metlife.com.bd/solutions/savings-investments/) enable policyholders to secure their family’s future for the long term.
This can take the form of permanent life or endowment life plans, which help you save for life events in addition to providing the typical insurance benefits in the event of an illness. Once the policy has matured without a covered illness taking place, the policyholder receives their premium payments back in full. Some plans also offer the opportunity to receive payments that are a percentage of the face amount before the policy matures.
In the prime working years of your life, make sure that you are protected from unfortunate events and are prepared for the time after you retire. Schedule a consultation with a financial expert to determine the types of insurance that are appropriate for you.