Protection
Put yourself at ease by protecting those you love
{{title}}
{{label}}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!