Still Single, Should You Choose Health Insurance or Life Insurance?
The opinions given by the people around them sometimes even make it more difficult for them to make a choice. This is because some think that health insurance should be prioritized, while others think that life insurance is more important.
In fact, both health insurance and life insurance provide benefits for single people. However, equally useful does not mean not different.
Of course, a deeper understanding is needed by singles in order to optimally allocate a portion of their income to the right insurance.
Well, before making a choice, you should first consider a full review of the two insurances according to insurancetopinfo.com.
Health Insurance
Health insurance is insurance that provides protection to customers from financial losses due to the risk of disease by providing reimbursement of medical and nursing costs.
There is also health insurance that only provides inpatient benefits and does not provide outpatient benefits. Of course, both of these benefits can be obtained at the same time with a higher premium.
In addition, it can also be easily found, health insurance which is only in addition to unit-linked life insurance.
It should be noted, health insurance like this only provides a very small benefit than pure health insurance.
Life insurance
As the name implies, life insurance is insurance that provides benefits in the form of protection for family financial losses if the customer dies, as well as permanent and total disability.
Life insurance will provide compensation to the heirs to replace lost family income sources due to the customer's departure or the customer's inability to continue to earn a living due to permanent and total disability.
There are four types of life insurance. The first is term life insurance, which is life insurance that provides coverage only for a certain period of time, for example, 5, 10, 20, and 30 years.
Second, there is whole life insurance, namely life insurance, that provides protection throughout the customer's lifetime. In general, the age covered is up to 99 or 100 years.
Third, unit-linked life insurance, which is a product that provides life protection with additional investment benefits and a small amount of health insurance benefits.
The premium we pay is partly for life insurance premiums, investments, and the rest for health insurance premiums.
Lastly or fourth, there is dual life insurance, which provides life protection plus benefits in the form of savings. So, the premium will be allocated for savings and life insurance costs.
Read also: 6 Tips for Choosing Health Insurance as Needed after read Still Single, Should You Choose Health Insurance or Life Insurance?.
So, choose health insurance or life insurance? See on the next page.
After reading a full review of life insurance and health insurance, of course, we agree that both are equally important. But, back again, for those of us who are single, which one is the most appropriate?
Health insurance will greatly help relieve or even eliminate the financial burden of medical expenses and care when we are sick.
Health insurance can be used up to several times and, of course, protects our money that is intended for other financial purposes.
Life insurance is no less important because all humans must die, and we will never know when we will be called by the Almighty.
Some life insurances cover the cost of treating illnesses suffered before death and provide sum assured for the family if we die.
Both are important, but what if our current income is only enough for one of them? Which one should be chosen? Consider the following points to make a choice.
1. Calculate the funds that can be allocated for insurance
Make a monthly budget to calculate monthly income and expenses, then consider how much money we can use to pay insurance premiums. In addition to insurance, don't forget to set aside emergency funds and investments.
The price of insurance premiums varies, depending on the amount insured. In general, the price of health insurance premiums is greater than life insurance. Therefore, consider the funds for this insurance carefully.
2. Already have an emergency fund?
It is necessary to have an emergency fund to be used in an emergency. If you don't have an emergency fund or you don't have enough, prioritize collecting it first.
Ideally, for someone who is single, make sure there is a cash fund of at least three times your monthly expenses.
So, if you already have an emergency fund, don't you need insurance? Not. The availability of emergency funds can help us determine which one do we need more, health insurance or life insurance? Because emergency funds can also be used for medical expenses if we are sick.
3. Are we the type of people who get sick easily or are often hospitalized?
We also have to answer this question. If in the last five years we have a history of illness that requires significant medical expenses or even hospitalization several times, then we need health insurance more.
However, it is different if what we feel is the opposite, namely that we are rarely sick, let alone hospitalized. Of course, life insurance with a critical illness coverage package is the most suitable choice for us.
For those of you who are single, after reading this article, you will understand better how to choose between health insurance or life insurance.
Still Single, Should You Choose Health Insurance or Life Insurance? by ITI190 – Insurance Top Info 190.