Although health insurance is not a mandatory requirement when borrowing, it can help protect you from financial risks arising from health problems during the borrowing period. In this article, we will learn why health insurance is important for loans and the benefits it brings to you during the borrowing process.
1. REDUCE FINANCIAL RISKS WHEN HEALTH INCIDENTS OCCURS
One of the most important reasons to buy health insurance when borrowing is to protect you from unforeseen financial risks. During the loan process, if you encounter health problems, especially serious illnesses or accidents, your ability to repay the loan may be interrupted. This will create a significant financial burden for your family and relatives.
Health insurance will help you minimize this risk by covering part or all of the treatment costs, helping you maintain your ability to work and continue to repay the loan on time. If you do not have insurance, the cost of treatment can be very high, affecting your personal finances and making it difficult to repay the loan.
2. SECURE YOUR LOAN AND PROTECT YOUR RIGHTS
When you borrow money from financial institutions, they often require you to have some financial protection measures to minimize risks for both parties. One of those measures is health insurance. If you experience a serious health problem during the loan period, insurance will help protect your interests and ensure that you can continue to repay your loan.
In addition to helping you protect your health, health insurance also helps financial institutions feel more secure when granting you a loan. They will feel that you have a solid financial plan to deal with any incidents that may occur, while minimizing the risk of bad debt.
3. ENSURING SAFETY FOR FAMILY AND RELATIVES
When you participate in health insurance, not only you but also your family will be protected from unexpected medical expenses. If you are the breadwinner and have a large loan, not having health insurance can cause your family to face financial difficulties if you are unable to continue working and repay the loan due to illness.
Health insurance not only helps protect you but also protects your family from financial burdens caused by medical treatment costs. This is an important factor that helps your family continue to maintain a stable life, even if you encounter a health problem.
4. HELPS YOU MAINTAIN THE ABILITY TO WORK
Your ability to work is a decisive factor in your ability to repay your loan during the loan period. If you do not have health insurance and encounter a serious health problem, you may not be able to work for a long time. This will cause a financial gap and directly affect your debt repayment.
With health insurances, you will be covered for treatment and recovery costs, helping you maintain your ability to work and a stable income. This will help you not to have an interruption in debt repayment and maintain your financial ability to fulfill your obligations.
5. SUPPORT IN EMERGENCIES
In life, we cannot foresee every situation, especially health problems. Emergency cases or urgent treatment can arise at any time and will cause huge expenses. If you do not have health insurances, you will be responsible for paying for these expenses yourself.
Health insurance will help you reduce the financial burden in emergency situations. This is very important, especially when you have loans. Without insurance, you may face financial difficulties and cannot repay the loan on time. Insurance will help you get through this difficult period more easily.
6. BENEFITS OF HEALTH INSURANCE FOR BORROWERS
Health insurance is not only beneficial for you but also brings many benefits in financial management when you are borrowing. In particular, many financial institutions provide health insurances packages with loans, helping you save costs during the loan period.
When participating in health insurance, you will receive benefits such as free medical examination and treatment or reduced medical examination and treatment costs. This helps you save a large amount of money and reduce the financial burden when facing health problems.
7. IMPROVE QUALITY OF LIFE
One of the undeniable benefits of having health insurances is to improve your quality of life. Having insurance will give you peace of mind about your health, allowing you to focus on your work and other financial goals, including paying off your debt.
Health insurance helps you maintain a healthy lifestyle and minimize worries about medical costs. This not only helps you protect your health but also creates financial stability, helps you fulfill your debt repayment obligations and build a solid financial future.
CONCLUSION
Buying health insurances when borrowing is not only a smart decision but also a sustainable financial protection solution for yourself and your family. Health insurance will help you deal with unforeseen situations, protect your rights when you encounter health problems, and ensure that you can continue to repay your debt steadily. Don’t let health problems become a financial burden during the borrowing period, make sure you have a reasonable health protection plan from the beginning.