Advantages of A life And a Medical Insurance
Life insurance is a contract between the insurance policyholder and the insurer where the insurer guarantees payment of death benefit to the named beneficiaries upon the death of the person who is insured. Health insurance on the other hand is the coverage plan which protects you against any risks due to a number of medical conditions. This may include physical injuries, serious illnesses or chronic diseases.
This types of insurance are essential hence every person is supposed to be insured, they protect you together with your family by taking care of the expenses that may arise from the unexpected illnesses and other health risks. There are many insurance companies nowadays hence you have the choice of not only selecting the one that is affordable but also one that fulfills your need and requirements.
Life insurance consists of various components which include premiums death benefit and cash value of permanent or universal life. Death benefit is given by the insurance company as a guarantee to the identified beneficiaries. In premium, statistics are used to determine the policy maintenance fees, amount required to cover mortality costs and the administrative costs.
Having a health insurance covers you with any consultation fees, in case you are referred to a specialist where there is high consultation fee, and you need to go for monthly checkups. When injured and you are in the hospital all your hospitalization expenses including, medicines, laboratory tests, accommodation, and catering expenses will be met by your insurer and hence you will never worry whenever you have any health issue.
Some insurance companies have ambulance benefit which is very important, in case of an emergency the insurance company provides an ambulance to take you to the hospital. With health insurance you will get a lot of advantages, for example, maternity and newborn care.
Unlike other financial instrument life insurance provides an infusion of cash that helps in dealing with the financial consequences of the insured death, death benefits are income tax free to the beneficiary making it enjoy favorable tax treatment .
When looking for a good life and health insurance cover here some of the tips that will help you. Look for an insurance company that is reputable, don’t just select an insurance company because of a good name because you may end up being scammed. Asking is very crucial when cooking for the best insurance company, ask your friends because they may recommend you to go the best insurance company because of their knowledge concerning them. Also research concerning life insurance and health insurance by reading a lot of book concerning them or researching online.
When you follow the above tips then you will get the best life insurance policy for your family.