Dif­fer­ent types of LIFE IN­SURANCE

Finweek English Edition - - Focus On Medical Aid & Insurance Costs -

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. ■

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