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Life Insurance

In wake of the 9-11 terrorist bombing attack in the US cities, thousands of innocent civilians lost their life and many families suddenly lost their bread earners. This tragic incident triggered many people to realize the urge of a comprehensive protection against accidents and risks during their lifetime. In order to ensure the livelihood of us and our family, we need to have sufficient personal protection. Personal insurance becomes an indispensable vehicle for protection.

There are many different types of individual life insurance, mainly divided into the following categories:

Whole life Insurance

This insurance can provide you life-long protection with the premium level guaranteed for a lifetime. Rider benefits can be also included in the insurance; for example, protection against accidental death, hospitalization expenses and protection against acute illnesses. This kind of insurance usually includes savings with dividend returns depending on policy structure and earnings of insurance companies. The premium level of Whole Life Insurance is generally higher than that of Term Insurance to provide the guaranteed life-long protection.

Term Insurance

This insurance provides coverage for a specified period or term only. In general, the term insurance is renewable up to a specified age or even every year. The choices of rider benefits are fewer than Whole Life Insurance, yet the premium is relatively low. In terms of financial planning, Term Insurance is the most cost-effective life insurance because it contains no savings portion in the premium.

Investment Linked Life Insurance

This insurance can be further divided into two kinds:

  1. Need to specify the sum insured & pay the cost of insurance The client has to choose the sum insured at the beginning. The insurance company will deduct the premium payment, cost of insurance, administration fees before investing. The benefit term depends on the plan value. Generally, it is valid for a lifetime if the client can afford the insurance cost.
  2. Do not need to pay the cost of insurance This plan is wrapped as an insurance policy. For more details, please click here.

Universal Life Insurance

This is similar to the Investment Linked Life Insurance, i.e. life insurance plus investment. The main difference is that clients of Universal Life Insurance cannot manage their portfolios while those of Investment Linked Life Insurance can. The investment portion of Universal Life Insurance is managed by insurance companies which guarantee a minimum return for their clients. The clients can change the premium, the sum insured and even terminate the premium payment any time.

For more information of life insurance, please contact us.

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