Family Protection / Health Planning (家庭收入/健康规划) > Life Insurance

Life Insurance

The primary purpose of life insurance is to give your loved ones financial peace of mind by providing a lump sum pay-out in the event that you suffer from a critical illness, disability (which might render you unable to work) or pass away.

There are two main types of life insurance that you should consider:

• Term Life Insurance provides insurance protection over a fixed period of times or up to a certain age. Once the policy term expires, your coverage will end.
• Whole Life Insurance provides insurance protection until you pass-away or reach 100 years old (depending on the plan).  If you choose to terminate the policy before death, you may receive the surrender value of the policy.

As parents, having life insurance would be most crucial for you because your children (and sometimes, your aged parents) depend on you for financial support. Even if your family is a dual-income household, life insurance remains important because the loss of either of you will make it doubly hard for the other to manage the household expenses and maintain your family’s standard of living.

For families where one parent stays at home to look after the children or elderly grandparents, it may still be worth considering having both parents covered, as it can be costly to find alternatives such as childcare or helpers.

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