Long term or Short Term Life insurance?

When we talk about life insurance, what type would be the best for you to invest in? Before you buy insurance – or buy some more insurance to supplement your original life insurance plan, you have to know what type of insurance would work best to meet the needs of you and your family.

Do you need long-term insurance or short-term? This article will discuss the differences and uses of each type of insurance. 

Long-term insurance

This type of insurance is taken out if the person is in need of long-term care. It would cover long-term care. This includes being taken care of in a nursing home, home health care, most of these options are for older individuals, aged 60 and older. Long-term insurance covers people who would need to be looked after and taken care of because of a chronic illness or a disease that would inhibit them to be able to function and take care of themselves on their own.

Short-term insurance

When it comes to short-term health insurance, as its name suggests, it would offer temporary coverage. This type of insurance is usually bought by people who already have an existing life insurance policy. This type of insurance is meant to fill in the gaps in their insurance policy. For example, if they already have a life insurance policy that would have certain medial coverage for illnesses, and you need coverage for doctor’s visits. You can get a short-term insurance policy to cover these doctor’s visits. You have to be careful with this type of insurance though, to make sure that you do not get double coverage and waste money in the process.

Which should you choose?

There is no definitive answer to this question because each type of insurance would answer different types of needs. These types of insurances would work best as add-ons to existing life insurance plans, and not stand-alone ones. They would be able to fill in the needs that you were not able to get in your original life insurance policy. People would usually get either long-term or short-term insurance to fill in a new need. 

Insurance companies understand that needs can sometimes change, and sometimes it is impossible to foresee any sudden or drastic changes like an impairing illness. Companies like Manila Bankers Life Insurance Corporation or MBLIFE offers many insurance products that can secure your family from any medical and financial challenges that you and your family may face in the future.

If you would even need to add more coverage to your existing policy, MBLIFE has what you need. If you need a long-term or short-term insurance policy, MBLIFE will be able to provide you with options that you can choose from to make sure that you and your loved ones will be well taken care of. 

Do you need life insurance?

If you are looking for life insurance coverage, the financial advisers at Manila Bankers Life Insurance Corporation are ready to help you out. Think about the needs of your family. Try to look into the future to anticipate the needs that might come up years from now. Your financial adviser can help you with this.

However, if you are not able to cover a certain need and you find yourself uncovered by your insurance policy, MBLIFE can help you make sure that you get the insurance to cover this need. 

Help yourself feel the satisfaction of peace of mind today. Invest in a life insurance policy with Manila Bankers Life Insurance Corporation and see how their financial advisers and life insurance products can help you and your family reach financial security today.