Life Insurance

Life insurance policies are simply expression of love of the insured for their beneficiaries, who will get the proceeds of the sum insured, from the insurance companies, upon the death of the insured. The beneficiaries can be a natural person like spouse, children or other family members. They can also be entities like commercial companies or church/non-profit/non-government agencies. If the insured has no passion and care on the beneficiaries, there would be no need to spend money (premiums) to get the coverage. To cater for the various type of love and care, many types of life insurance products have evolved over the last several hundred years.

Life Insurance

Life insurance policies are simply expression of love of the insured for their beneficiaries, who will get the proceeds of the sum insured, from the insurance companies, upon the death of the insured. The beneficiaries can be a natural person like spouse, children or other family members. They can also be entities like commercial companies or church/non-profit/non-government agencies. If the insured has no passion and care on the beneficiaries, there would be no need to spend money (premiums) to get the coverage. To cater for the various type of love and care, many types of life insurance products have evolved over the last several hundred years.

Term Life

Term life has the coverage specified for a pre-determined period of time, ranging from one year to 30 years. Some may even provide refund features. This means if the insured submit no claims during the period, a full refund of the paid premiums will be given back to the insured.

Whole Life

Whole life plans have the coverage till the age of 100. The premiums can be paid throughout the period of coverage or by limited period, depending on the financial arrangement of the insured.

Critical Illness

People may incur terminal illness that may not cause immediate death. This type of curing costs could be high. Critical Illness Insurance provides the necessary funds to treat the critical illness. Sometime the insured may have the critical illness cured for some period but have the illness recur. Some insurance plans provide coverage for the second or third recurrence. Clients should consult with the insurance advisor for the details.

Key men

Human resources are valuable to all companies and non-government agencies. Replacement costs can even be much higher. Therefore to minimize the business interruption on any loss of keymen upon their death, keymen insurance could facilitate the institutions to recruit human resources of similar caliber to keep the operations going.

Annuity

Upon retirement, people would like to receive passive income to support their living expense. Annuity plans provides such stream of income to the insured. The greater the amount saved before retirement, the greater the amount to receive after retirement. Some plans allow the beneficiaries to receive the income too.

Premium finance

High net worth people would require great amount of sum insured to protect for their beloved. The premiums could correspondingly be astronomical. However, with special arrangement, they can only a few cash to purchase a life insurance plan of tens of million dollars.