In this article, we explain term life insurance and its importance, life insurance with critical illness riders and how to choose a suitable plan. Whether you're looking for the best life insurance policy or simply want to learn more about life insurance, and integrity this guide is a great place to find affordable life insurance in Malaysia.
Contents
- What is life insurance?
- How do life insurance work?
- Why is life insurance important?
- Professional advice
- References
- Protect your familys tomorrow today.
- PRUActive Link Guard
- PRULife Vantage Achiever Prime Series
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- Want to discuss your options?
What is life insurance?
Life insurance is a contract between a policyholder and an insurance company explore our life insurance offerings that guarantees a payout to beneficiaries upon the insured’s death in exchange for premiums paid over time.
How do life insurance work?
Policyowner pays premium
The policy owner (customer) will make periodic premium payments to the insurance company for their insurance policy based on their plan coverage
Premiums pooled within the Insurance Fund
The policy owner (customer) will make periodic premium payments to the insurance company for their insurance policy based on their plan coverage
Insurance company pays benefits to policy owner
In the event of a mishap, the insurance company pays out benefit to the customer according to policy contract.
Why is life insurance important?
Life insurance ensures financial continuity by providing financial support for your family after your death. It is a crucial investment as it helps your loved ones if something unfortunate should happen to you.
The following are some benefits of life insurance:
- Alleviating the financial burden on your family
- Providing financial security and stability
- Assisting with daily expenses
- Covering college and university fees for your children
- Paying off your house mortgage
- Covering funeral expenses
- Safeguarding your business, if you own one
- Supporting your spouse and family
- Enabling you to leave an inheritance
Choosing the right insurance policy can be complex, so professional guidance can be a big help. Don’t hesitate to consult a qualified insurance agent or financial advisor to navigate the available options. Professional advice can help align your coverage with your unique needs and, thus, ensure a tailored and effective life insurance plan.
References
- Life Insurance Association Singapore (LIA). Types of Life Insurance. Available at www.lia.org.sg
- Monetary Authority of Singapore (MAS). Consumer Guide: Buying Life Insurance. Accessed 2024.
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