Buying Life Insurance

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  Whole life insurance

  A whole life insurance policy ensures your dependents are well protected and financially secure for a relatively prolonged period, possibly your entire life. The policy covers you till age 99 and not just for a specific period. The primary benefit of whole life is that a pay-out is guaranteed. The whole of life insurance contract with level premiums has both insurance and a savings component.

   

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  Term insurance

  Term Insurance is the simplest and most cost-effective way of offering financial security for your dependents for a certain period or a specified “term” of years. As a form of insurance protection, a predetermined sum is paid to the nominated beneficiary upon the demise of the insured person during the period specified in the policy.

   

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  Critical illness insurance

  Critical illness insurance pays out a lump sum of cash when you are diagnosed with a critical illness such as cancer, tumor, heart attack etc. Because these illnesses often incur greater than average medical costs, the policy help cover those overruns where traditional health insurance may fall short. It buys you peace of mind knowing that if the worst happens.

   

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  Endowment insurance

  An endowment plan, also known as money-back policy provides life coverage along with an opportunity to save regularly over a specific period. The insured receives a lump-sum amount on the maturity of the policy to fulfil various financial needs like funding children’s education, children’s marriage, saving for retirement and more. Endowment plans are risk-free investments that allow you to save whilst guaranteeing a full sum maturity benefit.

   

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  Keyman insurance

  Keyman Insurance is a form of life insurance taken out by a business to compensate for financial losses that would arise from sudden death or injury of important (key) persons who own or run it. Loss of human assets through death or serious illness can significantly affect the profitability, stability, and progress of the company with huge disruptive and monetary consequences.

  This is also extended to cover the business in case the key person is no longer be able to work due to critical illness or disability.