Do You Know the Difference Between Life Insurance and Health Insurance?
November 25, 2009 by Janet7
An individual having health insurance is protected against running up large an extensive medical expenses. Health insurance coverage offers folks either partial or full coverage for certain medical procedures and treatments. On the other hand, life insurance it is an insurance policy that pays what’s called the face value of the life insurance policy to a beneficiary if the person whose life is insured dies. This value or what’s called the face value of the policy is paid out to the beneficiary in one lump sum payment.
When shopping for life insurance you will find two basic types: these types are what are called whole life and term life insurance. Term life insurance is much less expensive than full life insurance because of the fact it offers nothing more than simply life insurance coverage in the event that the person who is insured dies. Term life insurance can be purchased for durations as little as one year or as long as 30 years. The beneficiary of the term life insurance policy receives the proceeds or the face value of the policy if the person that was insured dies some time during the term of this life insurance policy. This might explain why so many people decide to wait until they get a little older before making a purchase of life insurance. Not always a wise idea though.
Whole life insurance combines the life insurance protection benefit along with an investment plan. The premium or the amount of money a person pays every period (monthly, quarterly or yearly) for a whole life policy is split between the life insurance premium and the investment portion of the policy. The investment vehicle portion of the whole life policy can be invested in mutual funds, money market, on the stock market and bonds and in some cases can be chosen by the person who is insured. One of the benefits of a whole life insurance policy is that it forces the saving of money for retirement by the person who is insured. This occurs by taking a portion of the premium and investing it in one of the investment vehicles listed above. These policies are in reality though, typically loaded with commissions and fees. After taking these costs into consideration, you may decide that this is not the best use of your investment dollars.
As you may have already determined, a life insurance policy differs from that of a health insurance policy. The price a person will pay for both a life insurance policy and a health insurance policy is determined by an individual’s age and physical well-being or health. As a general rule, those folks who are healthy and young will pay less for each policy than those folks who are bit older and who may be in poorer general health.
Given the financial choice between the two, it is impossible in this article to advise folks on which is better, a health insurance policy or life insurance policy. The two are designed to address different needs in a person’s life. A lot of folks find that their employer offers health insurance as well as the option to add on term life insurance coverage for a small or nominal fee. If you find yourself in this situation by all means take advantage of it. However when it comes to life insurance, be advised that if you lose your job you lose your life insurance coverage. It may be advisable to look into carrying term life insurance outside of your workplace.
If you find yourself on a budget and need to decide which insurance policy to purchase, this becomes of course determined by how much you can afford to pay each month and of course on your personal situation. If you find yourself having to choose between a health insurance plan and a life insurance plan, you may want to be advised to choose the health insurance coverage. Understanding that the health insurance coverage will be more expensive for you each month, bear in mind that it only takes one accident or medical illness to cause you to have enormous medical bills. Also this is something else to consider. If you find yourself with large medical bills as a result of not having health insurance, you may want to consider the idea of purchasing a term life insurance policy having a face value that is large enough to pay off your bills. Your spouse can be designated as your beneficiary. This way if something were to happen to you, your spouse would not be left with the debt.
If your plan at work does not include a health insurance benefit or you are self employed or simply looking to provide health insurance coverage for yourself and your family outside the workplace environment, a great place to start your research is Blue Cross Blue Shield (www dot BCBS dot com) or Aetna (www dot aetna dot com). This is not necessarily an endorsement but is a good place to start in understanding the types of health insurance plans available out there today. These two large providers operate in most of our 50 states so your likelyhood of learning about the types of health insurance plans available in your state from different insurers is high.
As always, seek the advice of a professional financial planner before deciding on a course of action that you do not fully understand.
Debbie Parkinson is a free lance writer researching and writing on various topics. Debbie’s passions are varied and include health, pets, and woodworking. Learn more about improving your health by using the Garmin Watch and checking out the full line of Garmin Watches. The Garmin GPS Watch is sure to keep you from getting lost on your long morning jogs.
Not necessarily. But this is a tax question more than an insurance question.
Affordable Term Life Insurance – How Much Coverage Do I Need?
Your best bet is a high deductible plan. Also, be sure to consider the cost of the monthly premium versus the benefits. Many times when you personally pay for health insurance (rather than getting it from an employer) you end up overpaying for the premium versus what you get.
For example, you can easily spend $500 a month for the benefit of no copayment on an office visit, very low cost of drugs, etc. But if you think about it, you are better off just going ahead and paying for the office visit and drugs because at the end of the year you will end up spending less overall.
Just compare the annual cost of the monthly payment to the estimated cost if you visit the dr. few times and have to get a few prescriptions. Of course this all takes some estimation of what you will need in a given year but you should get the idea.
Most importantly, if something catastrophic does happen, this is something you just can't expect, you will be covered by the insurance. So take a look at what the max payout will be and how much you will have to pay in total before they will on a some big medical procure (you get in a car accident, you blow out your back, etc.)
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Is there a life insurance company that insurances people with diabetes? :O life insurances
Landlords typically are looking for a General Liability policy which would pay for injury to someone who gets injured on your rented premesis as well as pays for defense costs for product liability (i.e. you leave a staple or nail sticking out of a peice of furniture and it injures someone). The nice thing about this is that you can generally couple this with a property policy (to cover your equipment and inventory) in what's called a BOP (Business Owners Policy). I am not too familiar with the market in the UK as I am from the US, but I would assume it's not much different.
So after all that, the short answer is yes, just call an insurance agent and let them get you some quotes. Insurance companies that will sell you a policy over the internet probably won't be able to help you out with this one.
Good luck!
Term life insurance policy is designed to give the insured with coverage for a defined period of time, typically 20 to 25 years. It is cheaper than a whole life policy and the way to protect the interests of loved ones from any debt burden, school fees and rising living expenses in the event of the insured’s death.
Factors Affecting Life Insurance Quotes
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Buy a policy or go to jail.
I've been tempted sometime by what HUAC-era leftists used to call “subpoena envy”, over the fact that I have so far been denied the opportunity to go to prison over the burn-me-at-the-stake fervency of my opposition to the impositions of the State in every sphere, as my offenses to date have yet to exceed the jaywalking and traffic-offense levels. Perhaps my future refusal to purchase a health insurance policy – odd, is it not, that the same behavior, legal today and wholly unthreatening to my neighbors, makes of me a criminal tomorrow at the thuggish stroke of a gangster's pen – may give me the incarceration.
If US history is any indication, there will be blood, to coin a phrase, shed as a result of these policy disputes. Perhaps it will be that of my future cellmate, denied his attempted favors as surely as the Feds will, G-d willing, have been denied theirs at the same metaphoric portal some months prior…
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Downsizing Your Life And Your Oven Posted By: Debbie Parkinson -
Personal anecdotes aside, a quick peek at the Cost of Living thread shows why people are so deep in debt and going bankrupt. Their wages haven't come close to keeping up with inflation, job and / or health insurance benefit losses, cuts to affordable child care programs may play a role. But it's easier to blame personal profligate spending than the ultra wealthy taking a larger share of the economic pie.
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Aloha Tyson! Good question about difference in life insurance between the U.S. and Japan.
My experience has been that life insurance in Japan was competitive with U.S. life insurance rates.
A big difference though, is that it appears that a higher percentage of the population has life insurance in Japan than the U.S.
Also people in Japan seemed to have many more types of life insurance…for example cancer insurance.
The government, through the postal service is a major player in the life insurance market and it is likely that their policies were less expensive keeping private life insurance companies policies very competitive.
I witnessed some pretty lenient policy issuance…for example my father in law, who was terminally ill was able to get a $1 million policy from a school buddy of his who sold life insurance.
Life insurance companies were major players in the pre-bubble real estate fisasco and I suspect got burned badly.
After the bubble burst the international life insurance companies flooded into the market and made it much more professional and competitive.
I don't have any hard data for all of the above, just my observations based on my 20+ years living and running businesses in Japan.
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“Life insurance” being a larger asset than stocks? woof…
.
I'm not against life insurance, but if you invest enough in stocks *and* life insurance, hopefully you'd no longer need the life insurance.
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as a percentage of total assets, the wealthy need far less life insurance than does the average person.
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moreover, the less money you have to invest, the more important life insurance becomes relative to stocks.]]>
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Why health insurance coverage is important
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Term life insurance can be an inexpensive way to insure your mortgage; it also offers the advantage of naming the beneficiary. Term life also has the option of being able to convert into whole life insurance once the term ends for ongoing coverage without having to reapply. The value remains constant; bank mortgage insurance decreases in value as it will only cover the balance due. Consult with a licensed broker, as well it's a good idea to go online and compare term life insurance quotes. Remember, bank mortgage insurance is designed to protect the bank, term life insurance is designed to protect you!]]>
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