Life Insurance Versus Health Insurance
Updated On Apr 26, 2021
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Each type of insurance, however, serves a completely different purpose and offers different coverage. Both health insurance and life insurance appear to be the same as both protect the policyholder from an unforeseen and unfortunate event. They are, however, entirely different by definition and the type of coverage they provide.
Read More: Why Is It Important To Have Life Insurance?
Life Insurance Versus Health Insurance
During unforeseen exigencies, life insurance and health insurance are both your saviours, since life insurance guarantees your family's survival in the event of your accidental death, whereas health insurance coverage leaves you financially protected during a medical emergency. Given below are the differences and the benefits and advantages offered by both plans.
|
Particulars |
Life Insurance |
Health Insurance |
|
Type of Coverage |
Life insurance provides your family with financial security in the case of your accidental/natural death. |
Health insurance takes care of the unplanned expenses that could arise as a consequence of a medical emergency leading to hospitalisation. |
|
Benefits |
Life insurance provides maturity benefits in addition to offering death benefits. |
Health Insurance is a medical coverage that helps you meet your medical expenses by offering financial assistance.
|
|
Savings |
Life insurance instills the practice of savings and you gain a lump sum corpus after a certain period of time. |
Health savings plan provides health insurance and premium savings to pay for your medical expenses. |
Do Read: 10 Benefits of Buying Health Insurance In 2021
Bottom Line
Contingencies can take place anytime. Therefore, buying life and health insurance is the best way to guarantee that you are not financially impacted by a medical emergency so that the family will not face a financial burden in the event of your premature death. Since they play an equally important role and come with a set of benefits, it is important to channelise your requirement with a proper plan
