You may have heard that insurance policy protects your family. However, it is not always possible with a single insurance policy. Most of the times, you need to purchase floater plans in order to extend the coverage to your family members. As for example, a floater health insurance policy helps to cover all your family members for a single premium; the sum assured is available to either a single member or to all members depending upon the possibility during the policy term. Family health insurance policy
You can have a group health insurance policy through your employer. Most of the times, when you enroll as a new employee, you need to specify the family members whom you want to add to your policy. However, you may have to purchase private health plan insurance if you do not have access to any group health insurance policy. There are many such companies that offer family health insurance policies, which allow you to select different insurance plans under a single policy. As for example, you may need basic hospital coverage for the elderly members of your family, whereas maternity benefits will be most suitable for the young women. It is advisable that before purchasing any such insurance, check whether or not this option is available under your specific policy.
Life insurance policy
Life insurance policy protects your family. The basic concept of life insurance policy is to protect your family members in the event of your death. You can choose multiple beneficiaries by simply including their names along with the amount of proceeds that each one will get when you’re no longer around. You may also choose primary, secondary and final beneficiaries. In the event of your death, your primary beneficiary is entitled to the proceeds and your second beneficiary/beneficiaries can receive the benefits only if they survive both you and your primary beneficiary. Final beneficiaries are eligible to receive the benefits only if they live longer than other benefactors.
You may choose from term life insurance and whole life insurance policy. Term life insurance allows the beneficiary death benefits only for the period specified in the policy, whereas, there is no date of expiry in case of whole life insurance.
Apart from health and life insurances policies, there are some other insurance plans that extend coverage to your family members. As for example, if you purchase home insurance, then all your family members can get benefits from a single policy. In case of car insurance, you can add your children to your policy. In this case, a single insurance policy covers you and your child for a reduced premium in comparison to the premium cost of purchasing 2 separate insurance policies. However, it is advisable that you carefully read the terms and conditions before purchasing a family insurance policy.
