For young working adults, the thought of purchasing a life insurance policy is one of the first things we will be approached in our working life. To help out, here are some things to note on life insurance.
What is life insurance?
Life insurance provides you a payout upon death or total permanent disability (TPD). The policy can vary from a limited period of time (20 year limited plan) to the entire insured's lifetime. There are 4 common policies which falls under the category of life insurance - Term, Whole life, Endowment & Investment Link Policy.
When should we buy?
This is the most common question young working adults will ask. To me, the idea of life insurance is simple: It is to provide for a dependent in times of unfortunate circumstances.
What is a Dependent?
A dependent is someone who rely on you. In financial/insurance context, it refers to an individual who ...
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