Types of Insurance and Coverage - Part 1 (Overview)

Confused by all the plan out there and bombard by your advisor with all the bombastic words or terms?


Here is what I have promised to deliver - Simple example and layman term to understand the complex product. In order to provide you with a clear picture so that you can make an informed decision, I'll break this Topic into 5 Parts, so read on.

These 5 Part Series are written in a way where you can analyze for yourself base on the non biased information provided ( Both Benefit and Limitation are highlighted). You can then determine for yourselves whether this Financial Product suits your circumstances, characteristic and requirement. I will also provide a summary in Things to Consider to further simulate your thinking.

Note: My 5 Part Series on "Types of Insurance and Coverage" are NOT written with the objective to provide answer but rather provide simulation for your thinking and to analyze.


PART 1


There are basically only 5 types of insurance and coverage, but don't mix up between the Insurance and the Coverage.


5 Types of Insurance are:

1. Term


2. Endowment


3. Whole Life


4. Investment-Link


5. Annuity

5 Types of Coverage are:

1. Death


2. Disability


3. Dread Disease or Critical Illness


4. Hospitalisation


5. Accident