Health and life insurance are both important for maintaining economic stability. Each type of policy helps mitigate financial risk should a sudden or unfortunate event arise. However, they are quite different in terms of the protections they provide. As such, it’s essential to understand the different ways these two coverage options can benefit you.

Health Insurance 

A health insurance policy helps cover medical-related costs for illnesses and injuries. It reduces the out-of-pocket expenses you would have to pay for doctor visits, hospital stays, prescription medications, and medical treatments and procedures.

Health insurance plans typically reset each year. If your insurance has a deductible, it will reset either on January 1 or on your company’s renewal date. A deductible is how much you must pay before your provider begins to cover your expenses.

Premiums are typically based on where you live and how much coverage you purchase. A better plan will cost more per month, but young, healthy people usually don’t need that extra coverage. Family plans are also available to cover the expenses of medical costs for spouses and children.

Life Insurance 

The main purpose of life insurance is to make sure your loved ones will be financially secure, even if you’re no longer able to provide for them. Should you pass away, the beneficiaries listed on the policy will receive a sum that can be used to cover your funeral expenses, pay any debts you leave behind, and help your dependents provide for themselves while they grieve. 

You can choose a term life policy, which only stays in effect for a certain length of time, or a whole life policy that will last for as long as you live. Premiums are calculated using a variety of factors, including your age, gender, general health, and lifestyle habits. Generally, premiums get more expensive as you get older.

If you’re looking for reliable and affordable life insurance coverage, turn to Richards Insurance Agency in Lincoln, NE. Their knowledgeable and experienced agents will help determine which type of policy fits your unique needs. For more than 25 years, they’ve remained dedicated to providing clients with high-quality products that offer valuable financial security and peace of mind. Call (402) 420-5353 to schedule an appointment or visit their website to request a quote.