There’s peace of mind in knowing that you have a financial safety net in place for life’s ups and downs. But with so many insurance types to select from, it’s important to choose the types and level of cover that’s appropriate for your needs and budget. So, what about health and life cover – together?
Here are some key things to consider.
When you look at life and health insurance, it’s clear that each type of cover serves a different purpose.
Life insurance is designed to ease the financial burden on your loved ones in case you pass away or – depending on your policy – fall terminally ill. It pays out a lump sum to your beneficiaries which can be used to cover day-to-day expenses, meet financial commitments (e.g. their mortgage), and even fund education or retirement costs.
Health insurance, on the other hand, can help you stay healthy, afford unforeseen medical expenses, and get treated faster in the private sector. Some policies even provide cover for non-Pharmac funded treatments, including certain life-extending cancer medications that you’d otherwise crowdfund or pay for out of your pocket.
Some people begin their insurance journey with health cover and take out life insurance when they start a family or buy their first home. Others get life insurance first and then consider health cover – everyone is different.
If your budget allows and your needs align, having a combination of both types of cover can make sense – especially if you’re raising a family or have aging parents who rely on you.
In these circumstances, getting life insurance could be one of the most important things you can do for your loved ones. For extra peace of mind, you can add private health cover to the mix, and even include your children in your health insurance policy. While they may not need it now, by insuring them while they’re young, fit and healthy, any conditions they may develop later in life are likely to be covered.
Here are some quick tips to supercharge your protection using life and health insurance:
Like to take a closer look at your insurances? Please don’t hesitate to contact us. We can help you secure and maintain the most appropriate level of cover for your family’s needs, goals and budget.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
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