Different types of LIFE INSURANCE
Shreekanth Sing, technical legal adviser at PSG Wealth, provides a brief overview of the general life cover options that will protect you should the unforeseen occur.
Provides you with a lump-sum payment if you become permanently disabled and are unable to work. You can use the lump-sum payment to help you cover your living expenses and to pay off outstanding debt. You decide how much you would like the lump sum to be and how long you want to be covered.
Provides you with a monthly income when you are unable to work as a result of illness or injury – your injury or illness need not be permanent. Various waiting periods are available. You start receiving income
after the waiting period and will continue to receive payments for as long as you are unable to work. However, cover ceases at retirement. Provides you with a lump-sum amount if you are diagnosed with any of the specified severe illnesses (such as cancer, a stroke, a heart attack etc.). The specified illnesses vary between insurers. Again, this lump sum can be used to settle outstanding debts or to pay for any additional costs of medical treatment or rehabilitation not covered by your medical aid. ■