What is an investment-linked life insurance plan?
Investment-linked life insurance plans are investment-related life insurance plans whose benefits are linked to the performance of the investment options you choose. Like all insurance policies, your investment in an investment-linked life insurance plan is subject to the insurance company’s credit risk. Generally, an investment in an investment-linked life insurance plan is a long-term commitment and the policyholder is expected to hold the policy for many years. Surrender or cash withdrawal in the early years of the policy or involve fees.
What is the amount of life insurance coverage required?
If you are the insured, the way to determine your life insurance coverage is to assume how much cash and income your loved ones will need in the event of your death. Things to consider include end-of-life care costs, funeral expenses, and personal loans and debts. Your policy should provide enough cash to cover these expenses, plus of course enough to cover your family’s living expenses, your children’s education, and other future expenses.
How much should I pay?
When it comes to life insurance, the policy with the lowest premium is not necessarily the best policy. Therefore, when choosing a policy, you should focus on whether the policy provides all the options and benefits you need to meet the needs of your family now and in the future, not whether the premium is the lowest.
Will premiums be cheaper if I buy insurance while I’m young?
Yes. Generally speaking, the older the insured age is, the higher the risk the insurance company is exposed to, and therefore the higher the premium. In some cases, insurance companies may even refuse to accept insurance applications due to the health of the insured.
What are the benefits of life insurance?
One of the easiest and most effective ways to ensure your family is protected is to purchase life insurance. Due to the various expenses incurred after death, the insurance benefits can protect your family from the fear of being unable to meet the basic daily expenses. They can also use cash compensation to continue living.
In addition, if you buy whole life insurance, you can also get extra cash value in the policy and even receive dividends, depending on the type of policy you have taken out.
Do I have to have a physical examination to buy insurance?
uncertain. The insurance company will decide whether the insured needs a medical examination according to the insured’s age, the amount insured, and the health condition. The insured is required to truthfully declare past health conditions and medical records so that the insurance company can use them for underwriting purposes.
What is a suicide clause? If the insured dies by suicide, will the insurance company pay the death benefit?
The life insurance policy is accompanied by a suicide clause, which regulates the compensation for the death of the insured due to suicide. In the event of the death of the insured within a specified period from the policy issue date or any reinstatement date, the insurance company will only pay the premium paid. If the term of this clause has expired when the suicide occurs, the insurance company will be required to pay the death benefit.
What is an indisputable clause?
This clause states that, except for misleading material facts, fraud, or concealment, the insurer may not challenge the policy after the policy has remained in force for more than a specified period during the life of the insured from the date of issue or any reinstatement date of the policy. Unless otherwise stated, the non-controversial clause also applies to any additional benefits under the policy.
My relatives and friends in mainland China are interested in applying for insurance, is it possible?
Can. Since all relevant procedures (including sales, application, and signing of all relevant documents) must be carried out in Hong Kong, Mainland Chinese residents must visit Hong Kong to apply for insurance. The policyholder is required to provide proof of entry to our Customer Service Centre of Excellence and the relevant documents will be verified by a medical service provider or a designated representative designated by the insurance company.
How can a life insurance advisor help plan my financial plan?
In a complex and rapidly changing world, a life insurance advisor can help you with financial planning. Good life insurance advisors are professionals, fully supported by a reputable company, generally highly trained, and experienced in analyzing financial needs. Conducting financial needs analysis for potential customers before selling can help customers understand their insurance needs and financial situation, as well as whether the available insurance products are suitable for their situation. Plus, you can leverage their expertise to design a comprehensive insurance plan for your needs now and to protect you in the future.
