Why Life Insurance and Health Insurance Go Hand-in-hand

Nowadays, people are focusing more on buying health insurance than life insurance. The key reason is the lack of knowledge People have thought that buying a health cover that will help them pay off huge medical bills, however investing in a life insurance policy will go in vain if nothing unfortunate happens to them. It is purely a misconception. Actually, health and life policies complement each other.

Moreover, the market is flooded with numerous health and life insurance policies that make people confused about which one to buy. In order to understand why you need both life and health insurance, it is essential to know the coverage available for both of these policies.

Health Insurance Cover

Health insurance plans provide cover for you & your family and it pays off medical expenses incurred in case of any unforeseen medical emergencies. In the present era of high-rising medical costs, having adequate medical cover proves quite beneficial, as it offers absolute financial protection against medical treatment expenses. The health insurance coverage pays the medical bills up to the sum insured as chosen under the policy.

Life Insurance Cover

A life insurance policy provides a life cover and it pays a sum assured amount to the nominee or beneficiary, in the event of unfortunate demise of the life insured during the term of the policy. If you want to ensure that your family members can maintain the present lifestyle, even after your demise. The sum assured payable on death helps your family to meet their financial expenses with ease.

Need for both Life & Health Policies

The sum assured under the life insurance plans (say, a term plan) is payable in the event of the death of the policyholder. For other types of life insurance policies such as endowment policies, the maturity amount is payable at the end of the policy term on the survival of the policyholder. Under money-back life policies, a percentage of the sum assured at regular intervals is payable through the entire policy term plus maturity benefit at the end of the policy term. All the life policies come with a life cover.

A health insurance policy provides coverage for treatment expenses incurred arising from any illness, injury, or other medical condition. A health plan provides cover for hospitalization expenses plus pre & post-hospitalization expenses. You can also get coverage for maternity expenses, pre-existing illnesses, etc. as listed under the policy chosen.

Check out this Article: Seven Secrets to Choose the Best Health Insurance Plan

When it comes to financial planning, it is quite imperative to include both insurance policies with appropriate coverage under your investment portfolio. Buying a health insurance policy is the best option to secure your health and to secure your life, you should bank upon a life insurance policy.

Combi Plan Are Available 

There is some plan that offers you coverage of both life and health insurance policy and we called it a combi plan, combi plan just bundles the two different services and two different products with a single plan.  Life insurance and health insurance go hand-in-hand, and that’s why people need the combi plan to keep things as sorted as possible. After watching the position of both insurance policies, in the year 2009, IRDA come with new norms, and as per these norms, insurance companies can join hands to offer a combi plan. The most needful things as the time demands and some of the company join hands to offer combi plan.

Some Combi Plan

Conclusion

A health insurance policy helps you get access to quality medical treatment without any worries on the financial front. A life insurance policy provides financial support for your family on your unfortunate demise. Getting a health cover along with a life cover is the right move. and it ensures complete financial protection for your family.

Connect with our social links for more update

Facebook

Twitter