Making wise financial decisions at an early stage can improve the quality of life. What about your loved ones? By investing in life insurance policy, the beneficiaries or the loved ones can lead a good life even after you are gone. While purchasing a policy, most buyers are in a dilemma. They have no idea about the life insurance and health insurance difference.
Let us put an end to your queries and concerns.
Defining Life Insurance
Life insurance is a cover for your family’s future requirements after you bid adieu to the world. Once you die, the insurance company pays out a lump sum amount to the beneficiaries.
This is beneficial because after you leave this world, your family can still lead a good life with the final payout.
Defining Health Insurance
The health insurance pays out for your medical treatment. It is also known as, ‘Private Medical Insurance’. The benefit of this type of insurance is that there is a decreased waiting time. Plus, the family members have better access to health technologies and medications.
The downside is that it does not offer financial help after death.
Comparing Life Insurance and Health Insurance
The Benefits of Life Insurance
- Life insurance covers death. The family gets a lump sum amount.
- It helps in covering mortgage and funeral costs.
- You get a long term cover.
The Benefits of Health Insurance
- It offers financial help/cover in times of emergencies (surgery costs).
- The whole family can make use of it.
- It pays for PMT (private medical treatment).
There are many key differences between the two. What should you choose?
Would you choose Life insurance or health insurance?
Both are beneficial, life insurance money will cover everyday expenses, mortgage and funeral costs. It is a financial shield for your family after you die. In the battle of life insurance Vs health insurance UK, we find that both are equally important. However, you should always invest in life cover.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00