Thinking of getting an insurance plan?

In an event that you die, insurance play a big role in replacing the lost income for your dependents. There are basically 2 types of insurance – term insurance vs. permanent insurance

Term insurance is when you pay a premium and if in case you die while the policy is still outstanding, the insurance company pays a death benefit to your beneficiary (family member or loved one one). It’s called term insurance because the coverage lasts for a specific term only (like 10 to 20 years term).

Permanent insurance is a bit more expensive because the coverage lasts permanently. You pay a larger premium but a portion of that premium goes into a savings. This is the best choice if your have a disabled child who will never be able to support himself even as an adult.

IMO, if you need basic insurance protection, term insurance is the best choice.


Delivered by Madam Auring

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