Life insurance

Life insurance is a financial agreement between you (the policyholder) and your insurance provider. In return for consistent regular payments, the insurer will pay out the benefits according to the agreement.

Depending on your financial goals, life insurance can provide various types of protection, extending beyond death benefit. It can offer temporary protection or be a part of your long-term financial planning.

Life is full of uncertainties, anything can happen at any moment. But having life insurance gives you and your loved ones a sense of security. Whether you’re just starting your career, raising a family, or planning for retirement, having the right life insurance ensures your family is financially protected if something unexpected happens.

Here are some of the key advantages:

• Financial Security
  Helps your family maintain their lifestyle and meet day-to-day financial needs.
• Debt Coverage
  Helps prevent outstanding loans like mortgages or personal financing from becoming a burden to your loved ones.
• Education and Future Planning
  Supports important milestones such as your children’s education or your spouse’s retirement.
• Peace of Mind
  Offers comfort in knowing that your loved ones will be taken care of, no matter what.
• Business Continuity Planning
  Life insurance isn’t just a personal financial planning tool. It can provide a financial safety net to help businesses stay resilient in the event of the unexpected loss of a key person or owner.

Traditional Life Insurance:

• Depending on the plan, it can provide protection and/or savings with cash value (guaranteed and non-guaranteed)
• Access to cash value via policy loans or surrender.
• Automatic premium loan will kick in if premium is not paid, provided there is policy value in the policy. Policy will lapse after cash value is fully exhausted.

Investment-Linked Plan (ILP):

• Combines life insurance with investment, where part of the premium is used to purchase units in selected investment funds.
• Offers flexibility to adjust fund apportionment according to your risk appetite and financial goals; the total investment value will depend on the performance of investment-linked funds.
• Policy remains inforce as long as there is sufficient total investment value to cover policy charges and cost of insurance. Policy will lapse after the total investment value is fully exhausted.
• Access to total investment value via partial withdrawals or full surrender of policy, do note that partial withdrawals may reduce the total investment value and potentially impact the policy’s benefit.

The following are important considerations to keep in mind before purchasing a Life Insurance Plan:

• Who depends on you financially?
  Consider your family, dependents, or anyone who may be affected if you're no longer around.
• What level of financial support would they need?
  Think about how much would be needed to help maintain their lifestyle, cover debts, or fund future expenses like education.
• Do you want a plan that includes savings or investment features?
  Some plans focus purely on protection, while others may help you build financial value over time.
• What are your current or upcoming financial commitments?
  Be mindful of ongoing expenses like loans, mortgages, or upcoming life events that may impact your financial planning. Once you’ve thought about your needs and priorities, our Life Planning Advisors are here to assist you.

   

Speak to our Life Planning Advisor to find a plan that aligns with your goals, lifestyle, and budget.