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Life/Health Insurance

  • Young couples are often advised to obtain both health insurance and life insurance coverage.

  • Health insurance covers a portion of medical expenses and doctor's visits, while life insurance pays out a lump-sum death benefit upon premature death.

Each type of insurance serves a completely different purpose and offers different coverage. Life insurance pays out a death benefit to your beneficiaries in the case of premature death. The purpose is that the death benefit is sufficient to replace future income lost, as well as cover expenses and obligations outstanding such as funeral costs, medical expenses, and other debts - or to fund college savings accounts or spousal retirement. This gives the family continuity of their finances so they do not struggle after death.

Health insurance, on the other hand, helps pay for medical expenses such as doctor's visits, hospital stays, medications, tests, and procedures. This helps ensure that people can afford their medical expenses and stay healthy.

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