Covid-19 Pandemic Shows Why It Is Important To Stay Insured

The ongoing Covid-19 pandemic is likely to go down in history as one of the most devastating events of the 21st Century. The pandemic has already claimed over 500,000 lives and infected more than 11 million people worldwide. Governments across the globe are trying their level best to control the spread of the deadly Covid-19 virus through measures such as lockdown, quarantine and social distancing. The full impact of this pandemic, both economic and social, may only be known after it is over.

However, this viral outbreak has, among other things, has once again highlighted the importance of having insurance, especially health insurance such times. Therefore, in this blog, Secure Cover argues why it is important for people, including businesses to stay insured against unforeseen events such as pandemics. It is important due to following reasons:

1. Provide coverage for testing and treatment related expenses

In countries like India, the Insurance regulator i.e. The Insurance Regulatory and Development Authority (IRDA), has already issued instructions to all major health insurance providers to provide coverage for Covid-19 treatment including expenses incurred during diagnostic tests as well as during quarantine under medical supervision.

2. Helps mitigate the economic impact of the pandemic on livelihood

Experts have already warned that the impact of the pandemic on global economy will be worse than that experienced during the Great Depression of 1929. They predict that the disruption of economic activity on a global scale could lead to loss of jobs and large scale unemployment. If that turns out to be true, then having a health insurance cover becomes even more important as otherwise, people would not be able to afford medical treatment if the pandemic induced recession leads to job loss.

3. Provide compensation in the event of death due to pandemic

In last 4 months the Covid-19 virus has killed over 95,000 since it was first detected in December, 2019. Earlier, it was believed that the virus is fatal for those who are either old or suffer from pre-existing morbidity. However, experts now believe that the young and healthy are as susceptible to this disease as the old ones. Hence, it is important, especially for the young to have life insurance as any unfortunate death due to coronavirus could lead to financial crisis for surviving members of the family. Therefore, it is advisable for one to have life insurance plan that provides cover in case of death due to the pandemic.

4. Provide compensation for loss of livelihood or business

The lockdown has led to severe losses to businesses as well as individuals. For example, certain events such as weddings require a lot of planning and investment. Those who had already paid money to book hotels or wedding venues too are likely to suffer losses. In such as scenario, insurance products that offer ‘event insurance coverage’ can be very beneficial.

Note: Event insurance in India is at a nascent stage. Therefore, currently there might not be any product available for Indian businesses that could provide compensation for losses due to pandemic. However, it is very likely that post Covid-19 pandemic, event insurance market in India will grow and, in future, companies might come up with plans that provide cover for pandemics as well.

5. Cover treatment for any side-effects of treatment for Covid-19

At this time of the crisis, the medical fraternity is trying everything it can to not only treat patients of Covid-19 infection but also to find a cure for this deadly disease. Till now a number of drugs and procedures have been identified by researchers which could help in treating patients. However, new drugs and cures are yet to be fully tested and no one can predict the likely side-effects that such methods can have on human body. Therefore, having health insurance not only helps meet the Covid-19 challenge but also those that may arise in future in the form of side-effects. People with appropriate insurance will be able to face the threats faced due to such possible side-effects.

Let’s Wrap Up!

The only thing certain about the future is that it is uncertain. Therefore, considering such uncertainty, one is advised to stay prepared. Insurance, including both life and health insurance provide cover to a person against any eventuality that could lead to financial hardships. They not only help secure future by providing financial assistance to treat the disease but also compensate the insured in case of death or loss of livelihood or income. A good health insurance policy is the only that not only provides cover for an existing disease but also for those that may arise as a side-effect of the treatment undertaken for such diseases.

Secure Cover provides all types of health insurance plans including both life insurance as well as health insurance to keep your future safe against any eventuality. To know more about Secure Cover’s insurance offerings, you can send an email to : info@securecover.in or call us at: +91-9650856644.

Disclaimer: The content of this blog is based on personal research of the writer. Reader’s discretion is advised. Neither Secure Cover nor the writer will be held responsible for any wrongful interpretation of the content of this blog.