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Do HNIs need health and life insurance?

Dhirendra Kumar talks about insurance requirements of high-net-worth individuals

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Should high-net-worth individuals (HNIs) buy health and life insurance?
- Aakash

The idea behind buying a life insurance coverage is to be able to take care of your family or your dependents when you're not around. When your net worth is not enough to support your family, you should look at life insurance as an expense for buying protection for dear ones when you're not around.

If you think that you are a high-net-worth individual whose financial worth will be sufficient to take care of the finances of your family in your absence, then you don't need life insurance.

Nevertheless, if you're investing towards a goal, the absence of a health cover can prevent you from achieving it. So, while it may not be necessary to buy health insurance, it is good to have it for a safer future. Of course, it is a must-have for those who do not have enough accumulation. For high-net-worth individuals, while one can do away with life insurance, it is better to have health insurance if one has some goal-oriented plan, as the absence of health insurance can disrupt it.