Both Personal Accident and Health Insurance, as well as Whole Life Insurance, give substantial financial support to the family in the event of the Insured’s passing. Although both insurances include the death benefit, there is a significant difference. Personal Accident and Health Insurance covers death caused by an accident, whereas Whole Life Insurance covers death of all causes. With Personal Accident and Health and Whole Life Insurance, the family will be able to receive the benefits from both policies in the event of the life insured passing due to an accident.
Other distinctions between Personal Accident and Health Insurance and Whole Life Insurance include:
Personal Accident and Health Insurance plans can be a supplement to your whole life protection portfolio to ensure you are fully protected.
Personal Accident & Health Insurance includes coverage for any expenses in relation to personal accidents or infectious diseases. On the other hand, Whole Life Insurance pays out for Death, Total Permanent Disability, Terminal Illness and Critical Illnesses – depending on the type of plans you choose.
Personal Accident and Health Insurance plans are affordable as they act as supplement to Whole Life Insurance. On the other hand, Whole Life Insurance premiums are higher as it covers a lifetime, and it also accumulates cash value.