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5 Worst Life Emergencies and How to Tackle them with an Insurance?

dateKnowledge Centre Team dateMay 03, 2021 views287 Views
5 Worst Life Emergencies and How to Tackle them with an Insurance?

Emergencies are unwanted intruders in our lives. Seldom can anyone predict their arrival, the only thing you can do is stay prepared, and hope that it’ll depart soon. Preparing for any emergency is not as simple as it may sound, and you may have to prepare at multiple levels – first, to avoid and second to safeguard against it. For example, fire in the house is a risk. You can keep fire extinguishers and hoses at home to control it as soon as it starts. However, the aftermath may still leave many expensive items destroyed or lost.

No amount or quality of fire extinguishing equipment can save you from this loss. However, there is something which can help you recover from it. It’s called insurance.

There are many more common emergencies in your life, and you should stay financially prepared for them. As you may not have a lot of control over the developments. Here are five such emergencies life and health insurance plans can help you out of:

1. Health Issues Requiring Hospitalization

There are many and more frequent causes of hospitalisation. A continued illness, accidental injuries, need for operation and aftercare. Timely hospitalization in minor illnesses can save you from many major health issues and expenses.

However, given the rise of treatment costs and the cost of medical support, a health cover that can cover them for you is a better plan. Mediclaim cover can also allow you to avail of cashless treatment in an emergency.

While you can have Mediclaim insurance to cover the hospitalisation cost of any ailment, conditions like heart ailment would need a lot more. For such situations, you can have critical health insurance, which provides a large cover amount for such conditions.

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2. Accidents

You may be the soberest and disciplined driver on the road. But still, accidents do happen. Sometimes these accidents are nobody’s fault and occasionally due to somebody else’s negligence. Accidents happen without warnings, unlike even heart attacks that mostly happen when there is an underlying medical condition.

Accidents can cause temporary or permanent disability or even death. It is not possible to predict which part may be affected by an accident. Whereas the pain of an accident cannot be reduced, buying the best health insurance plan can reduce financial stress. Top health insurance plans have inbuilt features to pay money in case of death or disability due to an accident.

Accidental covers are usually available as an add-on cover with health or life insurance plans. The best way to avail of an accidental cover is to add it to your term insurance plan.

3. Diagnosis of Life-Threatening Illnesses

Life-threatening illnesses are not the same as terminal illnesses. There is a ray of hope in life-threatening illnesses. With intensive treatment and care, treatment is possible. Cancer, Diabetes, Heart Ailments, etc are some of the commonly known critical illnesses. The most important and deciding factor here is time. Early detection gives more time for treatment and recuperation. Most top-class insurers offer preventive health check-ups as part of the family health plan. Regular glucose check, watching out for symptoms, etc can go a long way in leading a good quality of life after treating such serious illnesses.

Each such illness will have different symptoms and methods for diagnosis. However, as a thumb rule, any sign of change from the normal is a red flag. Significant quick weight loss, skin discolouration, inflammation, and growth of lumps, change in bowel and urinary habits are some common symptoms to look out for. Blood glucose levels and Blood Pressure (BP) can be periodically measured at home using high-quality, affordable, portable devices. In case the readings are outside the normal range, you must immediately visit the hospital.

A good Critical Cover health insurance policy for conditions such as Cancer or Heart Treatment may offer a direct fixed cash benefit without considering the expense incurred. Look at the simple example tabulated below. This illustrates the Health First Plan of Canara HSBC Life Insurance.

Ramesh, aged 40 years, is diagnosed, with a minor Cancer condition, at the age of 55 years. Ramesh has the following Cancer Cover with him and will get a lumpsum amount of Rs.7.5Lakhs irrespective of the expense incurred.

Plan Sum Assured Policy Term
Cancer 30Lakhs 25 years

All future premiums for this policy will be waived off thereafter. If Ramesh is, unfortunately, again diagnosed with a major Cancer condition at the of 58, he will receive Rs.22.5Lakhs and the policy would terminate.

4. Disabilities Due to Illness or Accident

It is widely known that accidents can lead to disabilities. However, it is lesser known that illnesses and serious ailments can also lead to loss of limbs, eyesight, or internal organs. For example, chronic diabetes when left untreated can cause loss of vision or gangrene. Similarly, tumour growth is very common in the Uterus, Ovaries, or Breasts in the case of women. The spread of cancer to the bones, lymph nodes can result in amputation of legs or hands depending on the severity of growth. Early detection helps because some cases may be treated with localized radiation therapy.

5. Untimely Demise

Life is unpredictable. So is death. Untimely demise can happen due to terminal illness, accident, or any natural calamity. But in any case, planning is key. Although the absence of the person can never be filled with anything, financial support will help the near and dear ones. Insurance covers such as of Canara HSBC Life Insurance offer a policy with multiple benefits. The Sum Assured is paid on the demise of the insured person. If the insured person lives until the maturity of the policy, the entire premium paid is returned.

3 Insurance Plans to Cover Against Emergencies

All of these five emergencies can affect your or your family’s lives to a different extent. Two things that remain common among them all is:

  • Your capacity to earn remains limited even if temporarily
  • It is costly to recover from such emergencies

Thus, comes the insurance in the picture. Also, you don’t need a lot of policies to prepare against all of them. Just three:

1. Mediclaim Insurance preferably a family floater covering all the members of your family

2. Critical Health Cover, covering all the family members

3. Term life insurance, covering all the earning members, esp. you and your spouse

With the from Canara HSBC Life Insurance, you can expect to cover against everything with just two policies – term life insurance and mediclaim. provides cover against terminal illnesses along with the life cover by default.

Here’s how you can play “Life ka Powerplay” with .

Emergencies can strike anytime without a warning. But you can do your bit by planning well on how to cope with such challenges and emerge much stronger.

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