What is the difference between life insurance and health insurance?
What is the difference between life insurance and health insurance?
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Life insurance is getting your life insured with a specific amount. Upon the death of the insured person, a specific amount which is assured is provided to the nominee/beneficiary. Health insurance is insurance against the risk of medical expenses at times of medical emergencies and day-care procedures. There are many providers providers of life insurance and health insurance in India who offer really impressive plans for you and your family at affordable rates.
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the ?benefits?) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the premium.
Life-based contracts tend to fall into two major categories:
Protection policies ? designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies ? where the main objective is to facilitate the growth of capital by regular or single premiums
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.
Actually, that is very simple. Health insurance takes care of you when you are still alive (pays your health care bills?). Life insurance takes care of your loved ones after you die by paying a benefit to a beneficiary. Need a longer answer? Please do not hesitate to ask. Philippe www.mcdlife.com
Source(s):
www.mcdlife.com
7 months ago
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