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Life Insurance

Whole of Life

Whole of Life Insurance, by contrast, provides lifelong protection. As long as you pay the premiums and no loans, withdrawals, or surrenders are taken, the full amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep it over a long period of time.
Riders:

These are the additional benefits which can be opted for like: Critical Illness Hospitalization benefit Family income benefit Disability benefit Accidental benefit Permanent total disability

Term Insurance

Term insurance, the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during that term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Income protection

We’ve seen the increased survival rates and that’s fantastic news – but life changes dramatically for patients after diagnosis. Not justemotionally, but financially too.

Rents, mortgage payments, childcare costs, grocery and utility bills arebut some of the necessary regular payments that need to be takencare of. Additional costs for lifestyle changes or changes to the homemay also add to the expenses.

Company benefits may only help for a short period, whilstgovernment/ public help come in limited amounts. Even though youare well enough to return to work; you may not be fully fit to work thesame number of hours as before, and hence will experience a long –term drop in income.

It would be really comforting to know that there is a financial cushionto fall back on in such circumstances to make life a bit easier. At leastthis way you could concentrate on getting better.
Critical Illness Cover as such, is important and can really help improvequality of life. The lump sum provided by the insurance company would give you the peace of mind that if the worst happened, yourincome would be covered.

“You can never predict a critical illness, butyou can certainly prepare for the financialimpact it would have on you and yourfamily.”

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