Introduction
When it comes to safeguarding your health, there are various insurance options to choose from. Health insurance and critical illness insurance are two popular choices, but they serve different purposes. Let’s break down their differences and help you decide which one suits your needs.
Key Sections
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What Is Health Insurance?
Health insurance covers general medical expenses, including doctor visits, hospital stays, and preventive care. It’s designed to manage routine and emergency healthcare costs.
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What Is Critical Illness Insurance?
This type of insurance provides a lump-sum payout if you are diagnosed with a specific critical illness, such as cancer, heart attack, or stroke. The funds can be used for treatment or other financial needs during recovery.
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Key Differences
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Coverage Scope: Health insurance covers a wide range of medical expenses, while critical illness insurance focuses on specific diseases.
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Payout: Health insurance reimburses medical bills, whereas critical illness insurance offers a lump-sum payment.
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Cost: Critical illness policies are usually more affordable but limited in scope.
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When to Choose Each
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Opt for health insurance if you need comprehensive medical coverage.
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Consider critical illness insurance if you have a family history of certain diseases or want financial support for specific conditions.
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Conclusion
Both health and critical illness insurance play important roles in financial planning. Assess your health risks and financial goals to decide whether one or both types of coverage are right for you.
