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It’s easy to mix up life insurance and medical insurance as they are sometimes bundled under one policy. Knowing the difference between life insurance vs medical insurance can help you make educated decisions about your insurance coverage or determine if you are appropriately insured. In this article, we will delve deeper into the main differences between life and medical insurance.
Source: The Simpsons
What is Life Insurance?
Life insurance is a contract that pays your beneficiaries a death benefit if you die. It can also cover long-term care costs for total & permanent disability
You’ve met the one, settled down, and had kids. That comes with responsibilities not only to yourself but your family. With a spouse and kids now to support alongside your parents, the years can become financially demanding with expenses such as bills, mortgage, petrol, etc.
What if the unthinkable happens and your family has to go on without you providing or even having to bear your debts? What if you can’t afford your medical bills? What if you do not have enough for retirement, and one day you might have to rely on your family?
It’s important to be financially protected
We’ve all heard the conventional wisdom, “If you fail to plan, you are planning to fail”. In finance, your effort in planning will outweigh the problems that arise when failing to plan. Let’s take a look at 5 things you can do (even right now!) for a “greener” future.
Invest now because compound interest is the financial snowball that will make your life easier in the future. It is the interest on a deposit calculated based on both the initial principal and the accumulated interest from previous periods. Relatively safe and trusted investments include
There are risks in business and everyday life which can result in financial loss. To manage these risks, a common solution is to use insurance, where you transfer the cost of a potential loss to an insurance company. In return, the insurance provider charges you a fee called a premium, which you pay annually or monthly.
Everyone can benefit from having insurance. It takes on many forms but they all serve a primary function - as a buffer against unforeseen loss or damage. For this article, we will focus on the two types of insurance everyone should have - life and health
An investment-linked plan (ILP) is a 2-in-1 life insurance policy that combines protection and investment. The premiums that you pay provide you not only with life insurance cover but part of the premiums will also be invested in specific investment funds of your choice that suit your risk appetite. This helps your account value to grow and ride out market volatility with partial & top up features. Hence, ILPs have become popular over the years, and is now a mainstay in the product portfolio of many insurance providers.
Meanwhile, traditional life insurance plan is offered at a