What’s the Difference Between Life Insurance and Health Insurance?
Published on Wed Jan 15 2025 in News
When considering financial protection, it’s important to understand how life insurance and health insurance serve different purposes. Both provide peace of mind but address distinct aspects of financial security.
Health Insurance: A Focus on Medical Expenses
Health insurance is designed to cover the costs of medical care. This includes doctor visits, hospital stays, prescription medications, and treatments. In New Zealand, while public healthcare covers many essentials, private health insurance offers faster access to specialists and elective surgeries.
Life Insurance: Protecting Your Loved Ones
Life insurance, on the other hand, focuses on providing financial support to your family or other dependents in the event of your passing. It ensures your loved ones can manage expenses like mortgage repayments, education costs, or other financial commitments.
Momentum Life’s Platinum Life Insurance Features
Momentum Life offers Platinum Life Insurance with several standout features:
1. Flexible Coverage Amounts: You can choose a cover amount from $50,000 up to $1 million, depending on your age (18-65).
2. Worldwide Protection: Coverage applies 24/7, anywhere in the world.
3. Terminal Illness Benefit: A lump sum payment is made if you’re diagnosed with a Terminal Illness.
4. No Premiums After Age 90: Once you turn 89, your cover remains active without any further premium payments.
5. Simple Application Process: No medical exams or blood tests are needed in most cases, making it quick and straightforward to get covered
Key Differences at a Glance
|
Feature |
Life Insurance |
Health Insurance |
|
Purpose |
Provides financial support for family after death |
Covers medical treatment costs |
|
Payout |
Lump sum to beneficiaries |
Reimbursement or direct payment for medical services |
|
Eligibility |
Based on age, health and lifestyle questions |
Based on health and medical history |
|
Ongoing Benefits |
The policy ends when the benefit is paid.
|
Yes (regular medical coverage) |
Why Choose Momentum Life?
Momentum Life’s Platinum Life Insurance is ideal for those seeking comprehensive, affordable cover with the flexibility to secure their family’s future. With no medicals required and coverage worldwide, it’s a hassle-free way to ensure peace of mind for you and your loved ones.
To explore more about their life insurance offerings, visit Momentum Life’s Platinum Life Insurance page.
The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.
All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.