Life Insurance
Term Insurance
Term insurance provides coverage for only a specified period of time. Term insurance usually covers the insured against death, total permanent disability and 30 critical illnesses. Premiums for such policies are much lower as there is no cash value accumulated. It is popular for its high value of protection at affordable premium.
Living & Protection/Whole Life Insurance
Whole life insurance, as the name implies, provides insurance coverage for the entire life of the insured or at a specified age. It covers death, total permanent disability, 30 major illnesses and allows the attachment of optional riders to increase protection and benefits in other areas of the insured such as accident and medical expenses disbursement rider. Life insurance as opposed to Term insurance, accumulates cash value and is also commonly used as a saving tool to accumulate reserve. However, the premium is usually much higher as compared to term insurance.
Annuity
Annuity allows one to plan and provide a steady stream of income for life or over a specified period of time. Immediate annuities starts paying out a guaranteed income immediately one annuity period after the annuity is purchased. Deferred annuities only starts paying out at a later specified period.
Paycare
Paycare is a non-participating regular premium income protection policy which provides cover for Total and Partial Disabilities, Rehabilitation Expenses and Death. It allows one's family to maintain a reasonable standard of living without the worry of not having a regular source of income to meet future needs.
Mortgagecare
Mortgagecare pays off the insured's housing loan in the event of the insured's death, Total permanent disability or upon diagnosis of any 30 critical illnesses.
Education Planning
Education Planning calculates the future costs of a child's education for example a 4-year degree course in local university and plans a saving plan at current to provide for the education in the future.
Investment-Linked Insurance
Investment-link insurance as the name implies, is directly linked to the performances of the underlying investment funds. Premiums received are used to purchase fund units and to set off expenses and insurance charges. Whole life investment policy is a hybrid of traditional whole life insurance and investment plan as it offers high lifetime protection amount and it allows control of the investment funds . It covers death, total permanent disability, 30 major illnesses and allows the attachment of optional riders to increase protection and benefits in other areas of the insured such as accident and medical expenses disbursement rider.
Endowment
Endowment insurance is used as a saving tool with a fixed maturity date usually 10, 15 or more years up to a specified age. The premium is usually higher than that of whole life insurance because of its higher saving and investment elements. Cash value accumulates faster and will be payable upon maturity, death of the insured or early termination of the policy by the insured. It covers death, total permanent disability, 30 major illnesses and allows the attachment of certain optional riders to increase protection and benefits in other areas of the insured.
Medical & Hospitalisation
There are many medical & hospitalization plans that can cover medical costs that result from accidents or sicknesses.
Group Insurance
Company buys group insurance to enhance employee benefits and to satisfy its obligation as a responsible employer. Group insurance plan helps control costs and relieves company from the uncertainty of fluctuating expenses. Group insurance premiums are tax-deductible.