Thursday, 7 August 2008

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.


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

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