Hello and welcome to my blog today.
Health insurance is an insurance policy under Insurance which covers the life of a person both before and after the death of the person. Life insurance is very important in the society today and I'll l be discussing about the importance in my post today. If you tell someone today to get a health insurance Policy, the person will be like are you wishing me death but that is far from it. The importance of health insurance therefore are:
It ensures family protection.
I could remember when my Aunty's husband died, her in-laws were all interested in her husband wealth but because his insurance policy covers the fact that if he does, the cash benefits should be given to his wife, my Aunty got everything in the man's name. When one dies, he/she cannot be sure about the well-being of his family hence the need for insurance policy because it determines a certainty about the well-being of your family when you die.It provides financial support or funds.
Also when my Aunty's husband died, we discovered he was owing someone money and so the cash benefit my Aunty got from the insurance company was used to pay for that debt. Health insurance will enable the insured's debt to be cleared if he owes a debt before his/her demise.
Beneficiary is the person who is entitled to the proceeds of an insurance policy at the death of the policy holder.
**Kinds of beneficiaries to file for when filling a form. **
The primary beneficiary: is the first person who is entitled to the to the proceed of an insurance policy.
Secondary/Contigent beneficiary: is the person who is entitled to the proceeds of an insurance policy if the primary beneficiary is GOA(if the person is dead, insane or missing).
Particular/specific beneficiary: Is the person that his/her name is categorically stated in the policy as the person entitled to the proceeds of an insurance policy.
Class beneficiary: is a group or class of persons entitled to the process of an insurance policy.
Revocable beneficiary: is the person that can be changed without his or her concept.
Irrevocable beneficiary: is a person that cannot be changed Without his/her concept.
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