Difference Between Life Insurance and Medical Expenses

Life Insurance and Medical Expenses are two different products. Both will protect you and your family. But each of them will give you a different coverage or protection; while one will support you in expenses related to your health, the other will assist your family in case you are absent.

What is the insurance of life?

It is a policy that protects your loved ones in the event that you become absent due to death. It will pay an insured sum to the beneficiaries; that is to say: An economic payment. In some cases, if you purchase additional coverage. It can also give you an amount of money for disability. It can also offer some additional coverage such as:

Life insurance provides you with the following coverage:

• Death: it is the most basic, and as mentioned above, it provides a set insured sum to the beneficiaries in the event of the death of the policyholder.
• Savings: it is a way to save capital for the future, the terms range from 5 to 20 years, or it can be used for retirement, and collect that amount when you turn 65. This money can generate returns.
• Accidental Death: a monetary amount stipulated in the contract is provided if the insured perishes due to an accident, or in case he loses any part of his body, a percentage of the said amount would be given, depending on the amputated member.
• Funeral Expenses: the company will cover the costs of the vigil, cremation, paperwork, and more for the insured, their spouse, and even their children (up to a certain age limit).
• Serious Illnesses: in the event of a diagnosis of a serious illness such as cancer or diabetes, the policy provides an insured sum so that some treatment costs can be paid.

What is major medical expenses insurance?

Major Medical Expenses insurance protects the contracting party's health in the event of an accident or illness since it supports hospital care and other expenses. But to have the best protection, the idea is to have several coverages that assist comprehensively.

 

These are the coverages that you can find in most health policies, some have to be contracted additionally.

• Hospital Expenses: it is the most common in most basic insurances, it covers the costs of hospitalization, treatment, private room, food, intensive care, operations, healing, and more.
• Medical Consultation and Fees: either before or after the surgical intervention, it can reimburse the assistance of a specialist and even the care of a nurse at home.
• Medications: Medications required for the covered condition will be covered, as well as expenses for oxygen consumption, blood transfusions, laboratory tests, prostheses, ground ambulance, and other assistance.
• Funeral Expenses: provides compensation to the insured when the policyholder dies due to an illness covered by the insurance.
• Overseas Coverage: Provides medical care almost anywhere in the world. In some cases, the company will reimburse health expenses incurred in another country.