Types of Life Insurance Plans Available from Sun Life in Singapore
Life is short, unpredictable, and sometimes even thinking about the future seems frightening. Buying life insurance in an ever evolving city such as Singapore is an opportunity for planning. In one way or another, whether it is starting a family, building a house, or simply ensuring the financial security of your loved ones in the eventuality of your demise, having an insurance plan under your belt is deemed necessary. The insurer covers the whole range of needs of individuals and families. Let us now discuss the variety of life insurance and how they help one avoid life uncertainties with some peaceful assurance.
Different Life Insurance Plans Offered by Sun Life
The different options for life insurance available from Sun Life that cater for various needs include: Term Life Insurance for protection for a specified set-time period. It assures that your family receives financial support during the critical years. Then there is Whole Life, which not only guarantees cover for the whole life of the insured but accumulates cash value over time. Hence, it is an interesting alternative for anyone aiming at both security and savings.
Sun Life, Universal Life Insurance gives you almost unrestricted freedom with investment and coverage for life. You, as the policyholder, have the option to alter the premiums to fit your needs as well as the death benefits. Endowment plans pay lump sums either after completing a term or on a date upon which the death of the insured must occur. These plans are best for those aiming at long term objectives yet want some small respite to fate.
Advantages of Life Insurance Plan
Your loved ones may look upon life insurance as a safety opportunity in the times of need to achieve financial security. With a good policy, you ensure that the family is able to meet their lifestyle demands upon the death of the policyholder. It provides all sorts of expenses, such as payments for the house, educating the children, and daily needs. It just gives them a little lessen stress in already hard times. They could also cover some critical illnesses or income withdrawal, giving you peace of mind in unheard-of cases. It is also very wise to invest in life insurance. The cash value usually suspends in the policy that you can borrow against when you really need cash or for a future investment.
Things to consider in choosing a life insurance policy
Selecting an insurance plan for life must be done cautiously. First, ask how much need there is and what financial goals exist. How much coverage would a certain individual require to support his family? In determining premium costs, age plays an important role. Due to the cheapest rates offered to young persons, better times for having a life insurance policy are when an individual is young. Nevertheless, before really going in to sign, make sure that you have weighed the terms. Health is also another important factor in choosing a plan. Pre-existing conditions can affect one’s eligibility and premiums; hence, it serves better to be honest with the insurers.
