Life Insurance Explained
How your earning capacity is covered ?
From a risk planning perspective, a sound and solid financial plan starts by planning for the unforeseen yet uncontrollable events in the following areas :
- Sudden death
- Temporary or permanent disablement
- Suffer from serious illness
- Medical/surgical treatment in the healthcare/hospital
- Meeting with an accident
The type of insurance contracts which provide coverage for the above events are :
- Life insurance : pays a lump sum in the event of death.
- Disability income :pays a lump sum in the event of disability, or being so disabled as to be unable to ever perform either your own or similar occupation ; and subsequently a specific amount on yearly basis if continued remain disable until age 65.This benefit can only be added to a life insurance cover.
- Critical illness : pays a lump sum in the event of suffering from one of a specified list of medical conditions, the major ones being heart attack, coronary artery surgery,angioplasty,stroke and cancer. For female, the added complexity of female regenerative organs
present additional risk in the form of breast cancer, female organ like ovary cancer, fibroid etc. This is a special class of female illness coverage.
- Medical insurance : provide benefits to cover for the medical cost while a person is admitted for treatment into hospital.
- Personal accident : pay a lump sum benefit in the event a person is met with an accident, or resulting to irrecoverable loss of human body parts like eye, hand, leg, fingers etc.
Types of Insurance Contracts
Insurance policies are in general being classified into 3 major types.
|Whole Life Policies||
|Investment Linked Policies||
STILL CONFUSE ? READ ON AND LET US HELP YOU !
MUST READ : IF YOU OWN LIFE INSURANCE POLICY
You may have bought insurance but may not understand them.
Each of your Life insurance policy comprises of two accounts : –
- The saving account
- The protection account
How much do you understand the protection account of your policy?
- How many type of protection you have in the protection account?
- How much of the premium you pay each year go to the protection account?
- The premium that go to the protection account is an expenses and has no saving.
- How many items in the protection account are overlapped if you have more than 1 life policy?
- Are you aware the protection benefits need to be upgraded or changed every 4 to 5 years in order to have the latest benefits.
The answer to the complexity of the protection account of your Life Insurance Auditing Services
What is Life Insurance Auditing Services?
We will help you to study all the Life Insurance policies you own irrespective of which company you buy them from and give you a Life Insurance Summary Report to educate you about the riders in your protection account.
This is a community services offered to assist you either to:
- increase coverage
- increase benefits
- shorten payment years
- reduce payment if possible by reorganising the benefits in your protection account.