Insurance Planning
Understand the role of life, health and other insurance in protecting your financial plan.
Protection is the foundation of a financial plan
Before focusing on growth, a sound financial plan usually starts with protecting income and assets against unexpected events — this is the role insurance plays.
Term Life Insurance
Provides a payout to your family in case of your untimely demise, at a relatively low premium, focused purely on protection.
Health Insurance
Helps cover medical expenses, protecting your savings from being used up during health emergencies.
Other Insurance
Covers such as accident or asset protection can be relevant depending on your personal circumstances.
Insurance vs investment
A common mistake is treating insurance as an investment product. Term insurance, for example, is designed purely to provide financial protection to your family — it is not designed to build wealth. Separating protection needs from investment needs generally leads to clearer, more effective financial planning.
Purpose of Insurance
To transfer financial risk — protecting your family or assets from the financial impact of unexpected events.
Purpose of Investment
To grow wealth over time by putting money into assets like mutual funds, stocks or other instruments.
Terms worth understanding
Sum Assured
The guaranteed amount payable by the insurer in the event of a claim, as specified in the policy.
Premium
The amount you pay, usually annually or monthly, to keep an insurance policy active.
Riders
Optional add-ons to a base policy that provide additional, specific coverage for an extra cost.
Not sure what cover you need?
Understand your options before choosing a policy.