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What is Health Insurance and Difference Between Health and Life Insurance
Comparison between Life Insurance Vs Health Insurance

Comparison between Life Insurance Vs Health Insurance

Secure your family with our online life insurance and health insurance plan against financial losses, medical treatment, big disease, etc .....
Last Updated: Sep 11, 2019

Currently, people all over the world are uncertain about the time and life as well that is why it is important to secure your loved ones’ future with the best life and health insurance that cover the essential needs of the individual. Also, currently, the importance of insurance increased and many people all getting insurance on things like health, life and also on assets like home, car, etc.

The difference between life and health insurance is that the Health Insurance covers all the incurred treatment expenses, whereas Life Insurance can safeguard your family as it can decrease financial encumber in case of your sudden demise of the insured.

The major differences between life and health insurance policy include:

Core benefit of life insurance is that your family members are assured death benefits, whereas health insurance covers the cost of treatment, illnesses, and medical conditions where the insurer can get maximum coverage amount.

You should remember that both Health Insurance and Life Insurance are two different products, and they cover two different types of financial needs and risks. That is why it is important to know the difference between life and health insurance so that you can plan your financial requirements and make a knowledgeable decision. Also, when you buy the insurance, you will be allowed to get particular valid tax benefits and policy benefits on your premiums.

Difference between Life Insurance and Health Insurance:
Difference between Life Insurance and Health Insurance

Life Insurance Vs Health Insurance means a documented understanding between two parties, which is between the insurer and the insured (Insurance Company and the individual who bought the insurance). The insurance company offers a fixed amount as compensation to insured individual for the loss, or the damage occurred on a particular event. The document that contains all the contract details known as the insurance policy and life insurance is a bond that safeguards against the risk of life.

In recent times, the insurance policies increased and now policies or insurance plans like disability insurance, health insurance, term policies, pension plans, and more are available to the people so that they can get the insurance according to their financial and health needs. However, many individuals mistook the life insurance and health insurance as same, which is absolutely not. But, there is a difference between health and life insurance, and health insurance is the insurance plan that reimburses the cost of the medical bills, in case of the accident or illness of the insured.

Life and health insurance are two different insurances. Life insurance policy is a policy that covers or compensates the risk of the life of the insured and pays off an assured amount to the family on the death of the insured individual. Health insurance policy is a policy that considered as a kind of general insurance that covers all the medical expenses of the insured person, but only equal to the amount covered. The life insurance offers both survival and death benefits, and health insurance offers medical and treatment benefits. In life insurance, you can get the premium on an installment basis or lump sum, and for health insurance, you can claim lump sum.

MMoney invested in insurance policies can be claimed on the maturity of the insurance plan. However, no money can be claimed during the end of the tenure; the insured can get the amount reimbursed in case of illness or accident. If you are thinking about what term life insurance is, it means you can either choose short term plan or long term.

Life insurance is of three types:
Life insurance is of three types
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Term Life Insurance Policy: Term insurance policy is the policy that the amount paid to the insured on the maturity of the life insurance policy. The lump-sum amount is paid to the policyholder.

Whole Life Insurance Policy: Whole insurance policy is a policy in which the assured amount is to be paid to the family members of the policyholder on the occurrence of the certain event, which could be the death of the insured, which is called a whole life insurance policy.

Annuity: It is an insurance policy that the assured amount is paid to the policyholder in an installment basis, it could generally be on a monthly basis, and it is called an annuity insurance policy.

Classification of Health Insurance:
Classification of Health Insurance

Health insurance is an agreement between the insured individual and the insurance provider. The insurance can be provided to a group like employees, family, etc. or for an individual. In this health policy, there will be a specified coverage is provided by the insurer or insurance company on the premium payment provided once the terms & conditions of the bond are content.

Health insurance is a kind of personal insurance offered by general or non-life insurance companies, and wherein hospitalization costs are reimbursed. In health insurance, either cashless service is offered through bind arrangements or the amount spent on medical expenses is reimbursed. The tie-up will be with a network of hospitals located in the entire country, but only the insured can get medical service up to the amount covered in the policy.

The health insurance covers nursing expenses, room expenses, surgeon fees, specialist, physician, consultant, etc. Also, it covers operation theatre charges, medical bills, dialysis, x-ray, and more.

Major Differences Between Life and Health Insurance
The major differences between life and health insurance

- Life insurance is a policy that covers the unforeseen event risk that can occur to individual life and the insurance pays off the assured sum to the nominee or a family member on the death of a policyholder, or the insured can get the assured sum on the expiry of the exact term. On the other hand, the insurance policy bought by an individual, to reimburse the cost of surgical and medical expenses, but the only certain amount covered is known as health insurance.

- In a life insurance plan, both death and survival benefits are offered to the insured. However, in a health insurance policy, the policyholder gets the medical and treatment benefits, in case of accident or illness.

- The life insurance premium can either be paid in periodic intervals or lump sum, and the installments are usually quarterly. For the whole term, the health insurance premium is paid in a lump sum.

- In life insurance, the nominee gets assured sum on the death of the policyholder, or he/she gets on the maturity of the policy.

- In a life insurance, the nominee of the insured can claim the assured amount if there is a sudden death of the insured or the policyholder can claim the amount on the maturity of the insurance policy. However, for health insurance, the insured cannot claim if the term policy is expired, but it will compensate if any occurrence of a medical emergency.

- Life insurance policies are generally taken for long-term like ten years or twenty years whereas health insurance policies are taken for the short-term like one year or three years.

Life Insurance over Health Insurance:
ife Insurance over Health Insurance

Life and Health insurance way that offers monetary protection to the family of the policyholder if there is the sudden demise of the policyholder. The insurer pays a lump sum amount that is decided before premium. Here is why you should choose life insurance over health insurance:

- Protection to your retirement

- Financial support to cover income loss

- Increase Saving

- Option of investment

- Tax saving source

Financial Support to Cover Loss of Revenue
Financial Support to Cover Loss of Revenue

The sudden death of the bread earner of a family suffers from loss of revenue, and the family will face instant financial crises. To avoid such situations, the head of the family must take the life insurance policy so that the amount from the insurance can support the family if there is the sudden death of the policyholder. The family member could claim the insurance if he/she insured for a life insurance policy. This assured sum can help the family when they are in much-needed financial support, and it helps the family to start anew or survive critical situations.

Protect Your Retirement: Life insurance providers offer pension term policies that are particularly designed for retired people or senior citizens. According to the standards, this retirement plan takes care of your post-retirement expenses. It runs on annuity payments at standard intervals. This can help you secure the income that is required when you retire.

When it comes to Life insurance Vs. Health insurance, both the policies, serve policyholders in different ways, and each policy offers different benefits to the policyholders. Life insurance helps the family of the insured if there is sudden death, and health insurance allows the policyholder during the medical emergency. So both these life and health insurance offers the much-needed benefits when you need financial support.