The insurance sector is broadly divided in two parts – life insurance and general insurance. The life insurance plans cover your life and work by providing a death benefit to your nominees when you die. All other types of insurance policies, including the health insurance plans, are categorised under general insurance. However, these days, with many modifications and additions, certain life insurance companies do offer life plans that have a health component as well. So you get an additional health insurance cover when you buy the life insurance plans.
List of Types of Health Insurance
There are different types of health insurance covers available. Some of them are:
- Hospital cash benefit plans
- Critical illness insurance
- Personal accident insurance
The types of health covers listed above are at times offered by certain life insurance providers too. You get them as standalone plans and you also get them as add-on covers on the traditional life insurance policies. Let us take a closer look at each.
- Hospital cash benefit: Under this type of health cover, a life insurance policyholder can get some daily cash allowance for all the days he or she is admitted in the hospital. This is a fixed amount and is over and above the claim payout or bonus payment of the base life insurance You can commonly find this health cover as a rider on a traditional life insurance plan.
- Critical illness cover: Critical illness insurance is gaining a lot of popularity these days. As per this cover, you stand to receive a lump sum amount of money if you get affected by a critical illness such as a heart attack or a stroke. Upon diagnosis, the insurance provider will pay the sum assured and you can use it in any way that you please. Critical illness plans are available as standalone policies from most of the leading life insurance providers of the country. They are also available as riders on both life as well as health insurance plans.
- Personal accident cover: You can get a personal accident cover from a life insurance provider. Under this type of cover, your nominee is entitled to get an additional sum assured over and above the death benefit if you happen to die in an accident. Payouts are also made if you suffer a permanent or temporary disability due to the accident.
Tips to buy the best policies at best price
You should always try to get a policy with the maximum range of cover. If you are planning to buy a life insurance plan, try to incorporate the available health covers into it. Life is unpredictable and you never know what unpleasant surprise lies at the next corner. So get under the largest possible insurance cover and stay protected at all times.
While on one hand it is vital to get the highest insurance cover, on the other hand it is equally important to find them at reasonable rates. If you buy too much insurance, it will soon become a liability and you may not even be able to pay the premiums on time. So understand your life and health insurance needs properly. Don’t buy a cover simply because your friend has done so. Your requirements may be very different from those of your friend. So understand the needs, check out what life insurance plans and add on covers are available, and then choose the most appropriate combination.
You will also need to compare the various different plans to find the best rates and thereby make the insurance coverage affordable for yourself.
The bottom line
Insurance is a boon available to the modern day world. Make this boon work in your favour. When a cover is available, make full use of it and keep your life healthy as well as your wealth protected. A serious illness, accident or disability can wreck havoc on your bank account. Buy an insurance plan which will provide you with all the needed financial assistance at the time of an emergency. So what are you waiting for? Log on to Coverfox.com, run a quick comparison and buy the best health life insurance policy and keep yourself and your family members safe and protected.