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Difference between Health Insurance and Life Insurance

We plan every expense in our life carefully to lead a financially stable life. However, most of us forget or leave out the medical costs. Medical emergencies can occur anytime, anywhere, and in any phase of life. You need to be prepared to make sure that these medical expenses do not hamper your way of living during/after your recovery.

Insurance helps you to secure the financial future of you and your family in case of an unfortunate event. In this article, we will be discussing health insurance vs life insurance.

What Is Health Insurance?

Health insurance is a health care coverage policy that prepares you to be financially ready for any medical or health-related crisis. The cashless insurance covers the medical expenses during the time of need. You can insure yourself as well as your family members so that you are well-prepared in case of any medical emergency.

What Is Life Insurance?

Life insurance is a policy that secures your family in case of your unfortunate demise, disability, or critical illness. Such life-threatening scenarios can jeopardize your family’s financial stability. To protect your family, you can choose from various life insurance options such as term, ULIP, and more.

When to Choose Health Insurance over Life Insurance?

As the name suggests, health insurance secures you against any medical contingency. You can choose from a wide range of health plans available on Finserv MARKETS. Here’s why you should choose health insurance over life insurance:

  1. Medical Emergencies Are Accustomed

Amid the busy lifestyle, we often dismiss our health’s priority, welcoming sudden and unwanted diseases and illnesses. Health crises can lead to massive hospital bills that may affect your savings, lifestyle, and expenses after that. With individual health insurance plans, you get access to reputed network hospitals. Choosing appropriate health policy is a must so that you don’t have to worry about the hefty bills.

  1. Medical Inflation

Medical expenses can surely burn a hole in your pocket, considering the increasing inflation. Especially when the illness is critical and requires complex surgery, during these times, having a Mediclaim policy can be beneficial.

  1. More Than Just Hospitalization Covered

Health insurance covers much more than hospitalization. You can seek bespoke health plans at Finserv MARKETS. It will cover for doctor’s fees, hospital room rents, laboratory tests, ambulance fees, surgery costs, health check-ups, maternity and newborn coverage, ayurvedic coverage, and more.

When to Choose Life Insurance over Health Insurance?

If you wish to protect your family in case anything were to happen to you, opt for life insurance. It is designed to pay a pre-decided lump sum amount to your family. Here’s why you should choose life insurance over health:

  1. Financial Assistance For Income Loss Coverage

When a family member who is also the sole earner passes away, the income is bound to cease, and the family can face financial hardships. It can cause financial strain on the entire family where they might have to give up on certain expenses. If the expired family member was insured with life insurance, the family will be able to claim the insurance which will help them to bring back financial stability.

  1. Retirement Plan

Life insurance also provides pension/retirement plans specially designed for senior citizens. They no longer have to depend on anyone after retirement; they can fulfil their dreams and goals which they sacrificed earlier for the dreams of their children. As per the norms, the retirement plan works on the annuity that is paid at regular intervals.

  1. Investment plan

Life insurance offers maturity benefits as well, where the insured person can avail the money. This proves to be a great investment plan when you buy ULIPs as the paid premium can be invested in the funds. Here, you can then avail the market-linked returns as well as benefit from the life cover.

Buy Health Insurance Online

Thanks to the world of the internet, we have everything available at a click of a button. You no longer have to visit the insurance providers to buy the insurance schemes. You can buy a health policy online through the official websites of the providers. Before purchasing any plan, you can compare the different programs available and choose the one with suitable premiums and health insurance benefits.

Health Insurance Calculator

Calculating insurance premiums can be a confusing and tedious task. To make it easier and less time-consuming, insurance providers have provided with online health insurance calculator. You can use this calculator to compute your premiums to be paid monthly. This helps you not only to plan your finances but also to understand your health plan more.

Let’s Wrap Up!

Emergencies don’t knock on the door before walking into our lives. It is always better to be financially prepared than to face any financial instability later in the future. So, choosing the right mediclaim policy is essential.

Browse different health insurance plans at Finserv MARKETS. You can benefit from features like swift claim settlement, reinstatement benefits, bespoke insurance plans, extensive coverage, and so much more.

So, why wait? Seek health insurance on our online platform, right away! Keep yourself and your family healthy with a good medical policy. 

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