Insurance policies explained:
A life insurance policy is a payout assured by an insurer that is paid due to the untimely demise of the policyholder during the term of the cover plan. This lump sum is funded in whole to the beneficiary, as mentioned in the policy papers.
Contextually, there are two significant types of insurance policies:
- single life policies,
- joint insurance policies.
3 Reason to buy separate life and critical illness insurance policies
When it comes to a relationship, there is a stark, contrasting difference between single life and joint-life insurance policies.
- If the couple chooses two separate single life cover plans, both partners of the relationship receive distinct benefits from their policies, most probably under similar terms and conditions. But more importantly, they will be entirely separate. When either of the partners dies, the lump sum amount goes to the other partner in the relationship, helping them out financially and easing their mental burden a little.
- When a joint insurance policy is opted for, the couple effectively receives only one lump sum payout in the event of demise or critical illness. This is an implication that should one of the partners be affected by disease or demise, the other partner and the family of the couple only receive a single lump-sum payment, providing lesser security relatively.
- Two single life policies are a little more expensive than an individual joint system, a second cash-out is available for emergencies in the event of the demise or critical illness of the other partner involved in the relationship.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00