Term Insurance provides coverage for a specific duration of time. It offers parents the flexibility to increase their coverage during the crucial years when their children are young, addressing their specific concerns and needs effectively.
Also known as Non-Participating Policies, Term Insurance plans cover for a specific period of time and amount.
Often popular for parents to add-on to their existing coverage, Term Insurance is a very useful tool to increase the coverage for a period of time when parents need it the most – when kids are still young and being physically & financially dependant on you.
If nothing happens within this term, the term coverage will end and there is no maturity value.
While they are both protection plans, Term Insurance plans are non-participating policies which have no cash value. Surrendering them early will not affect any capital loss, thus making them as very flexible protection tools.
As parents if you want to focus on growing the cash value via endowment or investment, getting a term insurance is a good way of providing a coverage term until your children are financial independant.
As children are younger, premiums are also much lower with higher coverage as compared to whole life plans.
High Coverage for a low premium, they are suitable for all ages. Very Suitable for children and parents for a particular term in life when additional coverage required.
Flexible & Comprehensive Supplementary Benefits can be customised and added to suit your exact concerns.
Term insurance plans are useful comprehensive protection for your child.
Term Insurance plans are considered by parents when they need to increase coverage for themselves because of a new born/depandant relying on you before they are financially sustainable. It could also be due to Mortgage loan and this forms a liability for a period of time where it may lead to detrimental expenses to your family in the event of death or critical illnesses.
They are also smart ways of providing financial stability as well as enhancing your coverage for different aspects of your life as a parent in the event of unfortunate events, including critical illness or all stages or upon Death & TPD.
There are many Term Insurance plans in the market. Choosing the right one for you and your child should not be that daunting. We have specially curated the best plans and compare them for you so you don’t have to do so.
Simply fill in the simple form to find the coverage best suited to your needs and our experienced licensed FA advisor will get in touch with you shortly upon your request.
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When it comes to life insurance, there are two types of coverage. They are are whole life insurance and term life insurance. So, you may be wondering, if they serve the same purpose, what are some key differences between the two? Which one should you get? Read more here: Term Life Insurance vs Whole Life Insurance: Which One Should You Get?
No, Term Insurances do not have cash value/surrender values. However certain Term Insurances do pay you the total premiums/sum assured back should you reach the stipulated age required.
Just like every child is different, you can further enhance the protection and preference to make sure the coverage fits EXACTLY your concerns. Here are the Supplementary Benefits:
Term insurance comes with a few features such as a guaranteed renewability, insurability and convertibility options. Find out below.
Depending on the term period that you are being covered, for example 5/10 years, this option allows you to renew your coverage upon the due year for another 5/10 years without having to go through medical check-ups and underwriting. Premiums will be subjected to your new entry age. This is suitable for people who wants shorter and lower cost coverage up front and decide in the years to come whether they want to extend the coverage or not.
Certain Insurers have this feature to allow you to convert the term coverage into a Whole Life or Savings/Endowment plan with Cash Value, providing further versatility should you change your mind or concerns in the upcoming years.
Similar but different from the Guaranteed Renewability Option, Guaranteed Insurability Option (GIO) means you will be able to get additional coverage at regular intervals or life events without providing any proof of health eligibility. These are usually up to a certain amount of Sum Assured. They are:
Term Insurance Coverage are flexible and versatile. They can fit into your needs for the length of coverage that you are looking at. The coverage term can range from a year to when you reach the age of 99.
Term Insurance is a form of protection coverage to transfer the risk of getting ill/ occurrence of death in the particular term when you need it the most (child still dependent on you, not financial sustainable).
Should you be considering to get insurance that are lower in cost as well as protecting them for a specific period of time for your child and growing of wealth using other financial tools (Buying Term Investing the Rest, BTIR), then term insurance may be suitable for your considerations.
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