What Type Of Plan Should You Get?
Whole Life Plans As the name suggests, this plan serves for a long period of time, usually for about 30 years or so. There are two types:
Investment Linked Plan (ILP)
1 Popular amongst young working adults, you get a high amount of financial coverage for a low premium. It’s also flexible, which means you can increase your monthly premium at any time.
2 The opposite of ILP, a traditional plan has a fixed premium over a fixed term of years.
Endowment Remember how we mentioned that insurance can be used as savings? This is the plan for it.
Term This plan is inexpensive and has a fixed period. The setback is that it only covers death and total permanent disability.
Medical/Health The medical part of this plan covers critical illnesses only, which means you get a lump sum within three months of surgery. The health side takes care of surgical and hospitalisation expenses, which means a certain sum will be covered upon admission.