A large debate has been brought up as to what to invest in at the current moment of COVID. Life insurance being a contract which guarantees payment of a death benefits to named beneficiaries when the insured dies and health insurance being a contract that covers the whole or a part of the risk of a person incurring medical expenses ,but this includes the use of numerous users. Let us look at the pros and cons of each starting with life insurance.
Life insurances provides in case of unexpected death confidence that your family will have financial stability after ones passing, it provides services such as paying off your home mortgage ,paying off your debts such as car loans ,student loans, and helping with other obligations such as care for ageing parents. So basically it gives your family a continued comfortable life even after you passing. On the other hand to get affordable premiums you would need to be healthy. Premiums tend to be more expensive if you have a chronic disease, are sick or live a risky life style. Moreover, it may not be necessary especially if most questions such as could my family afford to pay off the mortgage? ,could they be able to take care of my ageing parents are affirmative.
Heath insurance on the other hand provides a relatively quicker way to arrange for huge sums of money to be collected for treatment. Unlikely events such as contracting COVID can occur, it would be easier to get money for treatment with health insurance; another benefit is that you get free preventive care like vaccines, screenings ,check ups. Furthermore you can benefit from decreased waiting times and selection of hospital and doctor. However this does not come cheap as health insurance is quite costly ,costs may be so high that payments may not be able to be done. Adding on that most health insurances do not offer coverage for all types of diseases.
It currently looks like life insurance is the winner of this one but it all comes down to a personal choice if you want treatment for yourself or if you want your family to live comfortably after passing. Living for yourself or others.