What is life insurance?
For us, life insurance is a tool that helps you solve a foreseeable problem that needs a financial solution so that you get your desired lifestyle plans met. In essence, life insurance is a policy that provides financial support to your loved ones if you pass away. There are two types of policies that can be purchased, such as Term cover & Whole Life cover (We only provide Whole Life).
Term Life Insurance:
Provides financial protection for your family for a set number of years only at a lower cost, but does not build cash value, premiums can increase significantly upon renewal, and if you die after the term ends, there is no payout.
Whole Life Insurance:
Offers lifelong financial protection with premiums that remain constant, and guarantees a death benefit whenever you pass away, but generally has higher premiums compared to term life insurance but these can be managed.
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How does it work?
Life insurance works similarly to other types of insurance. No matter which type you choose, the basic idea is the same:
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You pay a regular premium for a certain period or until you pass away. |
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If you pass away, your insurer gives a tax-free lump sum to your beneficiary or multiple beneficiaries or a trust. |
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This payout can be used to pay off a mortgage, cover debts, and help with your family's living expenses or fund a generational trust. |
The main purpose of life insurance is to ease the financial burden on your family if you die, giving them peace of mind that their problem will be solved when tragedy strikes.
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