Term Insurance vs Health Insurance Understanding the Key Differences

Term insurance and health insurance serve different financial needs. Term insurance provides financial protection to your family in the event of your death, while health insurance helps cover medical and hospitalization expenses during treatment. Understanding their purpose, beneficiaries, payout timing, coverage amount, nature of cover, and claim frequency can help you choose the right protection—and in most cases, both types of insurance are important because one cannot replace the other.

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