Whole Life and Term Life Plans are popular insurance plans that help to provide income replacement for family or self in the event of pre-mature death or total and permanent disability. These plans help to minimise the financial impact to the family or the individual.
Both plans provide income replacement in different yet complementary ways. For a given amount of insurance coverage, you will usually need to pay a higher premium for a Whole Life Plan because such plan usually participates in the bonuses declared annually by the insurance company and such bonuses increase the value of the policy over time. On the other hand, the coverage and value of policy for Term Life Plan usually remains the same throughout the entire insured period. However, you can purchase both plans at the same time to enjoy better insurance coverage, for cost effectiveness and a greater peace of mind.
Features of Whole Life Insurance Plans:
・Coverage for whole of life
・Choice of premium payment term
・Cash value available
・Option to include Critical Illness/Early Critical Illness coverage
Features of Term Life Insurance Plans:
・Flexible choice of coverage term
・Higher coverage at affordable premium
・Option to include Critical Illness/Early Critical Illness coverage
Critical illness can happen to anyone. Whilst medical technology has improved, so has the cost of medical bills. Getting sufficient coverage for critical illness is important so that you can focus on your recovery and need not to worry over the cost of recovery.
Find out how a Critical Illness Plan can benefit you:
1. For income replacement – as the person may no longer be gainfully employed because of a critical illness.
2. Supplements the cost of changing one’s lifestyle and provides additional financial support during the course of recovery.
3. Provides additional financial resources for items such as additional nursing care, personal assistant and other medical aids.
Features:
・Choose your preferred coverage term and sum assured
・Provides coverage for different stage of critical illness (Early, Immediate & Advance)
・Multiple payouts plans available
Life insurance should not be a retailed product sold to you but a fitted solution after you fully understand what is suitable for you and what the benefits are. If you feel uncertain about life insurance, please knock on our door. We won't disappoint you.
We strive to maintain the highest level of competency and professionalism to fulfil our promises to our customers. Through our unique consultation-based approach with financial planning tool, you get to visualize your needs and goals in your life. You will be able to get the right protection you need for the various stages of your life.
Our LiveLife Relationship Managers are not remunerated by commissions. Based on our life planning and financial simulations, we are able to provide clear comparison among several insurers’ products. Hence, you are able to choose the most suitable insurance plan based on our unbiased recommendation.
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