Once you begin working and start a family you may find yourself wondering what the big deal is with insurance. Many employers offer both health insurance and life insurance but several employees only take advantage of one or the other. In some cases the expense of these policies may make you wonder if you truly need both types of insurance. There are many reasons to invest in both types of policies, especially if you have a family to think about.

Sick Coverage

Statistically, employees with health insurance benefits miss less days than those without insurance. The reason is because when you have health insurance and become ill, you are more likely to be able to go to a doctor and get medication to treat the illness. Without insurance the cost of seeing a doctor may be too high for most people to afford. Workers who are able to acquire medication for an illness, recover faster and therefore return to work faster.

Preventative Care

Health insurance is not just for if and when you become ill, it also covers many items to keep you well. You can use your health insurance policy for routine testing for cholesterol or potentially fatal illness such as cancer. The importance of these screenings is that early detection increases the chance of recovery and survival. Many people without insurance may not notice there is a problem until it is too late to treat.

Protecting Your Family

Health insurance was designed to protect your family from financial hardships. Health costs can be high especially for those with a higher risk of chronic conditions. If you have children the cost of routine well visits can be extraordinarily high. Health insurance policies pick up most if not all of that bill depending on the plan you or your employer select.

Life insurance was also designed to protect your family in the event you pass away unexpectedly. If you were to fall ill prior to your death, your family may be left with very high medical bills to pay off as well as the cost of a funeral. After those expenses are paid, some families may still struggle especially if you are the sole financial provider for your family.

Financial Security

Although life insurance and health insurance can seem expensive with the premiums and deductibles, in the long run it will save you money. Health insurance lowers the amount you are required to pay your physician at the time of services. Most insurances cover x-rays, MRIs and CT Scans, which can be extremely costly if you didn’t have insurance.

Life insurance also provides a level of financial security in the event that you would pass away depending on how much you choose for your policy. Most insurance policies provide the family enough to cover funeral costs, mortgage, and car loans with some remaining for daily expenses until the remaining party can find employment.

Long Term Care

If you were to need long term care for your spouse, child or yourself, without health insurance you may not be able to afford the level of care needed. Most health insurance policies cover both in home and in facility long term care for children and adults due to illness or injury. If you have a child with a medical condition you may opt for in home care for the times that you cannot be at home with your child, health insurance will cover a home health nurse to take care of your child in your absence.