Life Insurance vs. Health Insurance: Consumer Q&A
Say you had to choose between buying a life insurance policy or buying a health insurance policy: which one do you think is more important, and which one provides more value?
Last week on Yahoo Answers we took an interesting question. The asker said that he had a 24-year-old son and was trying to decide if he should purchase life insurance or health insurance (he didn’t explain whether the insurance was for himself or his son). He had done a little research and found that both would cost about the same. Which should he choose?
Here’s the eHealthInsurance answer:
Are you looking to cover yourself or your child? It may make a little difference, but health insurance and life insurance are two very different things.
Life insurance is designed to provide you with a pay-out in case you (or your child) die, and to potentially provide a little income along the way. Health insurance, on the other hand, is designed to protect your finances (and financial future) from unexpected serious medical costs, and to provide you with better access to medical care now.
If you don’t have either, I’d recommend that you get health insurance first. Then, when you can afford it, look into life insurance too.
When you’re ready to start shopping, work with a licensed health insurance agent (online or off). It doesn’t cost anything extra and can help you get a better idea of what’s available in your state. For some advice and tips on shopping for health insurance on your own, check out the health insurance buyer’s guide we published online.
Photo via Flickr user DorkyMum