Life insurance |
Health insurance |
Contract between an individual and an insurance company in which the individual pays premiums in exchange for a death benefit in the event of their death |
Contract between an individual and an insurance company in which the individual pays premiums in exchange for coverage of medical expenses. |
Provides a death benefit to the policyholder's beneficiaries in the event of the policyholder's death |
Provides coverage for medical expenses |
Involve paying premiums in exchange for coverage |
Involve paying premiums in exchange for coverage |
Coverage amount for life insurance is typically a fixed amount |
Coverage amount for health insurance may vary based on the individual's policy and the cost of medical care |
Involves a process of filing a claim to receive the death benefit |
Involves a process of filing a claim to receive coverage for medical expenses |
Life insurance provides a death benefit to the named beneficiaries of the policy |
Health insurance does not have beneficiaries option |