Life Insurance

Hi, today i will be sharing with everyone the concept of insurance...

Firstly, Insurance have many types but the most commonly people have is...

1. Life Insurance

2.Medical Insurance

3.Savings Insurance

Life insurance can provide protection against life’s unforeseen events such as physical disability, critical illness or untimely death. When such unfortunate events occur, an insurance company will pay out benefits to the beneficiaries in accordance with your insurance policy.

The benefits are intended to cover financial needs of family members – most often parents, spouse and children – who are dependent on you for these needs.

With insurance coverage, you can be assured that your family’s financial needs are taken care of.

we will touch on with what is life insurance about. the purpose why we need a life insurance which cover Death,Total Permenant Disability and lastly 30 major illness.
Life insurance pay out a lump sum of money if any of these event occurs. What does these money do for a family?it helps to ease a financial burden of a family especially if something happen to the sole breadwinner.

There is always a confusion on life insurance and saving insurance. for life insurance can be break up to two types. Term and Whole life.


Term

You can choose to have protection for a set period of time with term insurance. If you were to die or become totally and permanently disabled (if the benefit is provided) during that period, your dependants will be paid a death benefit.

Whole Life Insurance

With whole life insurance, you are guaranteed lifelong protection as long as your premiums are paid, either for life or for a limited period.

Whole life insurance pays out a death benefit so you can be assured that your family is protected against financial loss that can happen after your death.

In addition, most whole life policies accumulate a cash value over time. As such, it encourages long-term savings as your insurance company can invest on your behalf. The cash value can be withdrawn as a policy loan in case of an emergency.

We will continue more on the next posting...enjoy the weekend!