Are you one of the individuals who doesn’t have life insurance because you have already decided that there is no good reason to invest your money this way? Unfortunately, you’re not alone. Some people will even tell you that they “don’t believe in it,” whatever that means. However, you may want to start thinking about this important subject again. If you need some specific reasons, you should start with asking yourself who is going to pay burial expenses when you die.
Will you leave that financial burden to your spouse and your children? Even the least expensive services can be difficult, if not impossible, to manage for most families. You may also want to take a few minutes to think about the expenses of raising children and paying for their education. If you died suddenly at too young an age, the future could look quite different for your children. That change can happen in an instant. You’d be wise to find out life insurance Malaysia plans.
Two Major Categories
Basically, there are two categories of life insurance: term life and whole life. You can make this decision on your own but you’d be much better prepared if you visit the website of one of the top providers of banking, financial, and insurance programs. As you browse, you’ll learn that term insurance can allow you to get a higher level of financial protection at a more affordable premium rate. While policy types vary, you can generally receive a one-time payout on the death of the insured or for any other situation specified in the policy. This could include total and permanent disability, for example, if that condition is part of the policy description.
As you browse the site, be sure to read about the different conditions and terms, which can vary from 10 years to 30 years. The premium is held at a fixed rate and the policy covers death or total and permanent disability. If you’re 60 years of age or younger, this plan can work for you. Find out more about yet another type of term life policy that can give you renewable coverage up to age 66. You can also have a hospital income benefit with this plan.
Whole life policies differ from term life policies in that they don’t contain a specified term of coverage. You can get a guaranteed cash payment every three years with life coverage up to age 88. Some policies are limited to those who put the plan into effect at age 50 or younger. Take your whole life coverage up to the next level with plans that include increasing protection with guaranteed rates on the premiums. Some policies provide life coverage up to age 60 or even to age 100, depending on the provider.
While this is just the basic information about term life insurance and whole life insurance, you should consider a few other reasons to have life insurance. You may need it to replace the income that your spouse provides, should your spouse die. In addition to funeral expenses, you may need the proceeds of life insurance to pay off debts after your death or your spouse’s death. Think about it.