Life Assurance and Health Insurance

Life Assurance

Term Life Assurance

• Description: Provides coverage for a specific period. If the policyholder dies within this term, a death benefit is paid.
• Advantages: Lower premiums compared to whole life assurance, suitable for short-term coverage needs.
• Examples: A 20-year term policy to cover a mortgage.

Whole of Life Assurance

• Description: Offers coverage for the policyholder's entire life, paying out upon their death.
• Advantages: Provides lifelong protection, can accumulate a cash value over time.
• Examples: Policies with fixed premiums that offer security for the family's future.

Endowment Life Assurance

• Description: Combines life assurance with a savings plan. Pays out on death within the term or at the policy's maturity.
• Advantages: Serves as both life coverage and a savings tool.
• Examples: Policies with a 20-year term that matures with a lump sum payment.

Health Insurance

Income Protection/Permanent Health Insurance

• Description: Provides regular income if you're unable to work due to illness or disability.
• Advantages: Ensures steady income flow during long-term absence from work.
• Examples: Policies covering up to 75% of regular earnings.

Critical/Serious Illness Insurance

• Description: Pays out a lump sum upon diagnosis of specific serious illnesses.
• Advantages: Financial support during difficult times, covering treatment costs or loss of income.
• Examples: Policies covering illnesses like cancer, heart attack, stroke.

Private Health Insurance

• Description: Covers medical expenses for treatments in private hospitals.
• Advantages: Faster access to medical care, choice of consultants and hospitals.
• Examples: Policies with different levels of cover for individuals and families.