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Life Insurance

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Life Insurance

Consider investing in a life insurance policy to mitigate any financial impact on your family in the event of your demise. Life insurance is an essential part of any financial plan and serves as a vital financial support for your loved ones when life throws the unexpected at you. Identified beneficiaries receive a tax-free, one-time cash payout that may be used to cover funeral arrangements, manage day-to-day expenses or pay off debts.

Types of Life Insurance

Choose a life insurance policy that aligns with your financial situation and needs of your family. Factors such as your income, net worth, and debt determine the extent of the coverage you should seek.

Term Insurance

Term life insurance is the most popular and less expensive forms of life insurance. As the name suggests, it provides coverage for a limited period of time or term, if premiums are paid. It provides a guaranteed death benefit but has no cash value or investment options.

A term life insurance is well suited for when you are starting a family to provide income replacement to secure your partner and children. It is also ideal when buying a home to ensure your family is still able to pay off the mortgage. A term insurance also helps your family cover debt and funeral costs.

Permanent Life Insurance

A Permanent life insurance policy provides coverage that never expires, lasting the lifetime of the insured. Premiums paid towards this policy maintain the guaranteed death benefit and also build its cash value. You can borrow funds against the accumulated cash value, and also withdraw cash to address immediate needs such as medical expenses or tuition fees. Permanent life insurance policies, fall broadly into two categories:
  • Whole Life Insurance
    Whole life insurance is a type of permanent life insurance that lasts for the entire life of the insured. It includes a savings component called its ‘cash value’ that grows at an interest rate set by the insurance provider. The cash value can be invested, withdrawn or borrowed against when needed. However, consider the administrative costs associated with accessing the cash value of the policy.
  • Universal Life Insurance
    Universal life insurance is a flexible type of permanent life insurance that provides lifetime protection along with tax-preferred savings growth. It allows you to adjust the amount of life insurance protection you want, and also control the amount and frequency of premium payments, in line with your budget and objectives. A portion of your premium goes towards your insurance, and the rest earns interest that is not taxable while it remains in your policy..

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