Published on November 8th, 2021
Life insurance can provide life cover to the policyholder. Health insurance can offer cover against medical expenses.
Therefore, it is essential to purchase both policies as they can provide financial protection against various threats.
In this article, we will explain why you should get both life and health insurance.
Life insurance can secure the policyholder’s family in case of an unfortunate event. In case the policyholder passes away during the tenure of the policy, the insurer can provide a sum assured to the beneficiaries.
Health insurance offers cover against medical expenses in case the policyholder gets hospitalised.
Thus, purchasing both policies is important in order to protect the policyholders from financial burden. While life insurance can secure the future of the policyholder’s beneficiaries, health insurance can provide financial assistance if medical expenses arise.
Let’s take a look at the benefits of life insurance and health insurance-
It Can Offer Sum Assured
The sum assured is the amount that the insurer can offer if the policyholder passes away during the tenure of the plan. This sum assured can help in paying for future and regular expenses. Thus, it can provide financial safety to the policyholder’s family.
It Can Help in Planning Retirement
Apart from the death benefit, there are life insurance policies that offer the maturity benefit. This maturity benefit is offered at the end of the policy tenure. There are various insurance plans that allow the policyholders to build a retirement corpus.
It Can Help Achieve Long-Term Goals
As life insurance policies can provide maturity benefits, they can enable the policyholders to accumulate funds to achieve long-term goals.
It Can be a Good Savings Tool
While life insurance can provide financial protection, it can also help the policyholder save money.
It Can Help Pay for High Medical Expenses
Medical expenses are rising significantly, and paying for the costs can be difficult for many people. It can cause a huge financial burden on a person. However, people can protect themselves from such expenses by purchasing health insurance. A health insurance plan can offer cover to pay for the high medical costs.
It Can Help Treat Lifestyle Diseases
The number of people suffering from lifestyle diseases like diabetes, heart disease, obesity, etc. is increasing. Treating these diseases can cost a lot of money. Health insurance can provide financial assistance in order to pay for such medical expenses.
It Can Protect the Policyholder’s Savings
The cost of medical treatment can be very expensive. If a person doesn’t have a health insurance policy, then he/she might have to pay for such expenses from his/her savings. These expenses can consume all savings. However, in case a person has health insurance, then the insurer can pay for the medical expenses.
Life insurance can provide financial protection to the policyholders and their family from an unforeseen event. It can also help them accumulate funds to build a corpus. Medical insurance can protect the policyholders against medical expenses. Therefore, it is important to purchase both policies.