Authorized Broker|Online Convenience

Authorized Broker| Online Convenience

Why should you take Life Insurance if you already have Health Insurance?

Category: Life Insurance Published on: 26 Apr 2021

Life Insurance in UAE

Most people are indecisive when it comes to buying both health and life insurance. It is important to remember that two insurances are distinct elements of your financial portfolio offering coverage for two different types of risks: illness and death.

We run you through the relevance and nuances of both health and life insurance for you to make a wise decision.

Health Insurance in UAE
  • Health insurance covers your present medical expenses. That includes  the costs of doctor’s visits, hospital stays, medicines, medical tests, surgery and other related treatments. You are financially empowered to afford quality treatment under insurance coverage, despite the costs being high.
Life Insurance in UAE
  • Insurance policy is an agreement wherein your insurer agrees to pay a predetermined amount called a ‘death benefit’ upon the policyholder’s demise (subject to premiums are paid and up to date). Insurance is a financial safety net that ensures the well-being of your family in the future in case of your untimely death.
Why is insurance so essential?
  • Health insurance covers the medical expenses incurred towards hospitalization and related treatment to restore your health. Life insurance helps your family alleviate their financial burden after your death.
  • If you are the sole breadwinner of your family, then insurance becomes even more vital for you. Regular income is indispensable to ease the life of your dependents and help them achieve their goals even when you are not around.
  • Your nominee gets a promised compensation upon your demise. This could be utilized for meeting their daily or long-run expenses such as children’s education or marriage expenses. The payoff can also be used for clearing off any debt so that your family is rescued from hardships in your absence.
  • A life insurance plan gives an assurance of financial protection and peace of mind to your loved ones even beyond your lifetime.
Life Insurance or Health Insurance: which is a must-have?
  • No one can predict the future. Illness or death can knock at your door anytime. By getting insured, you can prepare for anything that could transpire in the future. Be it sickness, hospitalization, or even death.
  • Health Insurance is essential for every individual, keeping in mind the rising medical costs and spurt of diseases. Also, as we age, we are more prone to illness and health insurance supports our medical treatment and recuperation. If our chances of recovery are slim and we pass away, insurance will help. It will help our dependents lead a normal life again in our absence.
  • Of course, there is no correlation between age and death and ill-omened events can lead to tragedy even at a young age. This is where insurance guarantees protection to your family. Not only during your lifetime, but even after the end of your life.

Given the sure benefits of both the types of insurance, it is prudent that you also opt for life insurance over your regular health insurance. Choosing the appropriate type of covers depends solely upon your responsibilities. It is based on your age as well as that of your dependents, occupation and state of health.

Get in touch with an insurance agent to help you assess the best insurance plans that are best suited to you and your family for a care-free life ahead.