1 / 6

5 Things to know about term life insurance

A term life insurance plan is one of the most affordable forms of life insurance. This is one of the main reasons why many people opt to buy a term life insurance plan. If you are new to this form of life insurance, then this article is just for you.

lifeinsurance_sg
Télécharger la présentation

5 Things to know about term life insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 5 Things to know about term life insurance Term life insurance covers you against death, terminal illness and total permanent disability. The coverage lasts for the duration selected by you at the time of insurance purchase. Once that time period passes, your term life plan ceases. For instance, if you have taken a term life insurance plan for a period of 20 years, you will no longer enjoy coverage in the 21st year. A term life insurance plan is one of the most affordable forms of life insurance. This is one of the main reasons why many people opt to buy a term life insurance plan. If you are new to this form of life insurance, then this article is just for you. Read on to discover 5 interesting things that you need to know about term life insurance plans.

  2. Term life insurance plans offer PURE PROTECTION Term life insurance plans pay out the sum assured only if the insured individual passes away or is diagnosed with a terminal illness or total permanent disability. Payout may also be given if the plan has certain supplementary benefits, such as coverage for certain medical conditions. If the insured individual outlives the pre-selected coverage term of the plan, no payout is made.

  3. Term life insurance plans have NO CASH VALUE Term life insurance plans do not accumulate any cash value. This is an important point of distinction between term life insurance and whole life insurance plans. If you choose to cancel your term life insurance plan mid-way, you will not receive any payout in return. • Term life insurance plans are MORE AFFORDABLE than whole life insurance • One of the major reasons why term life insurance plans are so popular is that these plans are an extremely affordable form of life insurance. Whole life insurance plans are relatively costlier as they have a cash value and also sometimes offer you the opportunity to earn bonuses (participating whole life plans).

  4. Term life insurance plans CAN BE ENHANCED with riders A term life insurance plan can be enhanced with the help of riders. Riders are supplementary benefits that help broaden the scope of protection offered by the base plan. Riders offered on term life insurance plans can help extend coverage to include a payout for critical illnesses, a payout for early/intermediate stage medical conditions, and a premium waiver upon diagnosis of certain medical conditions.

  5. Term life insurance plans have FLEXIBLE PREMIUM PAYMENT TERMS You can choose the premium payment term that suits your preference. This way, you can opt to finish premium payments before the plan’s coverage actually ends. You can then complete paying for your plan earlier in life when you have fewer responsibilities and later simply continue to stay protected. For instance, you can opt for a premium payment term of 5 years on a term life insurance plan that will cover you for 20 years. Do speak to a financial consultant for help in buying term life insurance. Their expertise will guide you in selecting the right plan that will suit your need for coverage. All the best!

  6. You can also find more interesting details on the site below: Website: https://www.prudential.com.sg Facebook: https://www.facebook.com/PrudentialSingapore/ Instagram: https://www.instagram.com/prudentialsingapore/?hl=en LinkedIn: https://www.linkedin.com/company/prudential-assurance-company-singapore/ You Tube: https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ

More Related