FAQ

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Insurance

There are many types of life insurance. How can I choose the one most suitable for me?

You are recommended to take your own financial needs and economic situation into consideration when selecting the most suitable type of life insurance. There are three main types of life insurance: term insurance, whole life insurance and endowment insurance.

Based on the three main types of life insurance, most insurance companies have developed a number of life insurance plans to cater to the different needs of customers. Once you understand your own needs, your insurance consultant will prepare a tailor-made insurance plan for you.

Last Update: 2022-01-07

What are the differences between term insurance, whole life insurance and endowment insurance?

Term insurance

Provides life insurance protection to the insured for a specific period without any savings element.

The insurance company will pay the sum assured if death occurs during the covered period.

If the insured is still alive at the maturity date of the policy, no money will be given to the insured by the insurance company.

The premium for this type of insurance plan is the lowest.

Whole life insurance

Provides lifelong protection and savings to the insured.

Premium will not be changed after the policy has come into effect.

Endowment insurance

The insurance company will pay the sum assured if death occurs during the covered period.

If the insured is still alive at the maturity date of the policy, they will also receive the maturity value of the policy.

Last Update: 2022-01-07