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The Difference Between Life Insurance and Health Insurance

In House Magazine
16 Aug 2019
The Difference Between Life Insurance and Health Insurance

Even though they have similar benefits, Life Insurance and Health Insurance still have differences too. Like what?

Health insurance protects you financially from illness, while Life Insurance protects you financially if you experience death due to anything. However, in fact it is not that simple.

If detailed there are many differences in life and health insurance that maybe not everyone knows. Therefore, this article will examine the differences between life and health insurance that you really need to know.

The following are the benefits of Life Insurance:

  1. Life insurance will provide protection against the risk of death based on the selected premium and of course the agreement that has been regulated in the policy and signed by both parties. You as a customer and another related life insurance company.
  2. The premium price will usually be determined by your age. The older, the higher the premium money and vice versa.
  3. Life insurance protection can be beneficial for surviving families, who will be affected financially if the policyholder dies. This means that the benefits of insurance are actually felt not by the insured directly, but by the family left behind. In this case the heirs who have been listed in the policy.
  4. The sum assured may not be paid for two reasons. First, if you violate the provisions of the policy, for example committing suicide. Second, the protection is not provided because it includes exceptions, for example doing dangerous sports or jobs that have great risks.

So, if this is the benefit of health insurance:

  1. Health insurance will guarantee health care costs. Benefits obtained range from outpatient care, inpatient care, to surgery, according to the provisions of the previously agreed policy.
  2. In contrast to life insurance, health insurance is felt by the insured who is listed on the policy. So only the policyholder will receive a number of reimbursement if he is sick. Except, the policyholder adds coverage, namely children and wife in the policy.
  3. The price of the premium usually depends on the medical history of the insured. If during a health check a high risk of illness is found, the premium fee will be even higher.
  4. The sum assured may not be paid for two reasons. First, if you violate the provisions of the policy, for example hiding a history of certain illnesses. Second, protection is not provided because it includes exceptions, for example critical illness such as heart disease or cancer.

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