Life Insurance Vs. Health Insurance

Many people tend to confuse life insurance with health insurance. Since the word life is on the same line as living, it is only natural to confuse the two to be the same insurance. But, the major difference between the two is that life insurance sees about expenses after your death whereas health insurance looks at expenses while you are still living.

Health Insurance

We all know the major benefits of why we require health insurance. In some countries, people who are terminally ill or unable to work due to medical reasons are entitled to an insurance policy known as Income Protection Insurance (IPI). Here are a few benefits of health insurance coverage, and three reasons for you to invest in those health insurance plans.

Benefits of Health Insurance

1. Free Hospitalization

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In the case of any major emergency, health insurance providers ensure that your bills are covered, if not all the way, at least most of the way, depending on the health insurance quote you have opted for. If you compare health insurance plans then you may find that some plans offer emergency requirements as well as general check-ups.

2. Safeguard Your Savings

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We know the importance of having some sort of savings at all times but, let’s admit that we are not all that comfortable letting go of all that money, even during an emergency. With the right medical insurance, you can continue to hoard all that money even at the time of an unpredicted emergency!

3. Coverage During Critical Illness

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Should you be the victim of any type of critical illness like cancer, kidney failure, strokes etc, the best health insurance will make sure that your medical insurance covers some portion of the amount that your need to pay. While opting for an affordable health insurance, make sure that it covers this aspect as well. In most individual health insurance plans, the health insurance providers offer a lump-sum during these times.

Also Read: 5 WAYS TO CHOOSE THE BEST CAR INSURANCE FOR YOU!

Life Insurance

Life insurance may not benefit you unless you live out your life insurance policy, but, the main reason behind this insurance is that your beneficiary will not be left behind at the time of need. This insurance is mainly opted for by the main earning member in the house so that the rest of the family remains covered at the time of their death.

Benefits of Life Insurance

1. Family Financial Requirements

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As mentioned earlier, if you are the main or only earning member in the family, opting for a good life insurance policy is much advised. This will benefit your family/beneficiary at the time of your death so that they are still financially secure at the end of the day.

2. Pay off Loans

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During the time of passing, quite often things like land, cars etc., are passed on to a beneficiary. Unfortunately, any loans tied to the property passed on is also passed on to the beneficiary. To avoid any debts being transferred, opt for a good life insurance plan that offers the option to clear all pending debts.

3. Tax Benefits

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A certain amount of tax will be deducted under a few clauses given by the government. These tax deductions will help you in the wrong run as you are not only safeguarding someone else’s life financially but also reaping benefits from doing so by the government!

Also Read: 4 REASONS TO AVOID CHEAP AUTO INSURANCE PREMIUMS!

My advice to you is to find a good family health insurance that will benefit not only you but your whole family at the time of emergency, and to opt for the best life insurance plan that will cover all of the above-mentioned benefits that you can reap! Make sure you chose wisely and do not be afraid to compare insurance rates online if required or seek help from people you know in order to get a better grasp of what insurance you should opt for!