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Life insurance is a contract between an insurer and a policy owner. If you are insured, understanding your policy ensures you can enhance your financial protection while also avoid leaving gaps. A lack of understanding may cause unwanted surprises which may have adverse financial consequences. The thing is...insurance policies can be difficult to understand for policyholders! Don’t fret! We’ve listed down the key things you should understand from your insurance policy to help you on your financial protection journey. ​ Source: memegenerator.net Type of plan Whether it’s life insurance,
Insurance premiums are the amount of money paid for an insurance policy. If payment is skipped and the grace period is exhausted, the insurance coverage will be lost. That financial protection gives less financial worries, peace of mind, and helps you focus on your dreams. Source: Giphy Types of premium payments It’s important to understand which type of insurance payment is suitable for you and weigh the pros and cons of each.  a) Regular Premiums and Single Premiums Regular premiums are premiums paid at specified intervals over a definite period. For example, monthly, quarterly