What health insurance policies can support our family?

How To Choose A Health Insurance Plan For Your Family – Forbes Advisor INDIA

There are two principal types of insurance that you can adopt to support the family if you were to become too ill to work. Which type would suit you best would depend on a range of circumstances so I suggest you meet with an independent financial adviser to explore this further.

Income protection is a policy that will provide a regular income – usually a percentage of your normal salary – while you are unable to work. The income will normally be exempt from tax, if you have paid for the cover yourself from taxed income.

Eligibility is based on being “incapacitated”, so unable to work, rather than on specific illnesses or conditions. Although you should check the policy for any exclusions, such as pre-existing conditions. It will cover both physical and mental health problems.

The policy will be set up to come into play after a pre-defined deferred period that can be anything from four weeks to two years.

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