When it comes to considering an insurance policy, it is important that one knows the different aspects of the insurance company with detailed information regarding the terms and conditions linked to the insurance plan.
It is believed that life insurance is a vital component for one’s business or family as it is known to give an assurance of financial security. Some people are of the opinion that an insurance plan is a sort of precaution that all families should take. Even, some of the financial practitioners suggest life insurance to be a protection against lost income and hence, a term insurance policy may be recommended. On the other hand, there may be insurance plan in the form of permanent life insurance, aimed to provide protection to one’s whole life.
Today, Singapore has about 140 registered insurers, of which about 20 are considered to be dedicated life insurers. In the year 2000, the government of Singapore opened up the industry to foreign companies as well and thus, the insurance company was given a new boost resulting in the multiplying the number of vendors and policies associated with the insurance industry. Some of the leading companies offering a variety of products include AXA, American International Assurance, HSBC, and NTUC along with Great Eastern etc. Broad categorization of life insurance in Singapore
In Singapore, there are two broad categories of life insurance products, first being the term life insurance and second being the permanent life insurance. The term life insurance can be further divided into basic term life insurance and endowment life insurance. While, permanent life insurance products can be sub-categorized into whole life insurance, universal life insurance and the investment-linked life insurance. Conditions for considering different types of insurance policies
As the name suggests, term life insurance is considered to be a temporary insurance and is valid over a fixed period of time. This type of insurance assures a sum of money to be made available to take care of a family in case of the premature death of an insurance holder.
A person can consider the Singapore term life insurance to be a good option under the following few conditions: 1) First, if the person is the main income earner of the family
2) Second, if a person wants to protect the family from a financial insecurity in case of one’s premature death
3) Third, if a person has a limited budget for making payments in the form of insurance premium
Features and benefits of Endowment Life Insurance
This type of life insurance policy exhibits features that are associated with a term life insurance and a long-term savings account. The insurance plan provides stable returns with a specific maturity date. In the plan, the value is known to grow over time for the premiums paid. Besides, in case of death of the insurance holder during the period of this policy, the agreed sum is paid out to the beneficiaries.
A Singapore endowment life insurance policy is ideal for:
1) Persons who have a plan to save money for a particular time interval with a specific purpose like kids’ educational funds or retirement fund etc.
2) Persons who wish to have money regardless of one’s uncertainty of living a specific number of years.
In contrast to a term life insurance, a permanent life insurance offers the assurance of insuring the life and payout is done at the end of the policy or in other words, whenever the insurer dies. The policy also intends to provide cash value that can be beneficial to meet retirement needs.
Thus, it becomes important that Singapore Best Life Insurance Quotation be looked for so as to get the maximum individual benefits of a certain plan. Therefore, with many options available with Life insurance Company Singapore, it really becomes significant that we choose the right insurance plan that meets our specific needs.
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