Given we are living in uncertain times where we may have alive today and gone the next, it is important we leave something behind for our loved ones.... even if the amount is small. so what type of insurance do i really need? Insurance can be represented as protection, health and wealth improvement. We will cover protection based insurance policy today.First, always understand this, a insurance should be bought as a protection tool and not for investment. There are better investment products that gives better returns than using insurance for investment. There are two types of protection type insurance, term and whole life. The difference is term does not have a cash-back value while whole life has. A cash-back value means say we pay $150 as premium for whole life, at the end of say 30 years, there is a X amount of money I will get back when my whole life insurance mature. So what is good about term insurance? For starters, term insurance offers the same protection amount at a reduced rate. Example a man wants to buy a S$500,000 worth of personal protection coverage: Given there is no riders involved, He may pay $300 as premium per month for getting a whole life policy or pay $150 as premium per month for getting a term policy. The extra $150 he save for buying a term policy allows him the choice to purchase another term policy of same coverage, effectively giving him S$1000,000 coverage.
That makes term policy affordable for all regardless of rich or poor. Purchasing a insurance is a long term commitment and should be taken seriously.
3 comments:
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