Put yourself at ease by protecting those you love
04 August 2020
Two of the most common types of insurance are life insurance and health insurance. While they may seem similar on the surface, their benefits are very distinct and serve different needs. So, how do you distinguish one from the other?
What is life insurance?
Life insurance is a type of insurance that pays out a sum of money to your beneficiaries when you pass away. The regular premium payments you make as the plan holder covers this sum.
Life insurance is crucial as this sum can provide a bit of cushion for the beneficiaries to use for their needs or to address expenses incurred from death. These types of people include sole income earners in the family, parents with young children, and parents with special needs children.
There are several types of life insurance:
What is health insurance?
Health insurance is a type of insurance that covers medical, surgical, and possibly dental expenses that you may incur during the period of coverage. Additional benefits can be availed to cover certain medical services and treatments, especially for critical illnesses. Some insurers may require these procedures to be done only at select healthcare providers.
Having health insurance in the Philippines is essential for families, especially mothers, as medical expenses and maternity expenses can take a toll on your finances. It also ensures that there are safety nets in place if a medical emergency were to occur.
Factors to consider when choosing insurance
Despite the similarities and differences between the two, both life and health insurance coverage can be helpful. It’s a matter of deciding which type will address your concerns best. Here are some factors to consider before purchasing a plan:
Different Policies for Different Priorities
Both life and health insurance are essential as they provide you and your loved ones safety and security in times of need. The difference lies in when these needs are most likely to occur and how they should be addressed. Life insurance provides your beneficiaries with the means to live, while health insurance covers the treatment and prevention of any health problems that may occur.
BPI AIA provides both life insurance plans and health insurance plans that work for different types of budgets and needs. Take a step towards a better future and talk to a Bancassurance Sales Executive today.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.