Life Insurance May Not Be For Everyone
It may be an integral part of the modern world but many find the ins and outs of insurance relatively confusing. One is often left to draw necessary information from sales agents in the field, a group notoriously and justifiably known for harbouring vested interest in keeping their KPIs and sales targets healthy. One area of the industry that is touted as a necessary add-on to the likes of basic health cover is life insurance. As of May 2016, Singaporeans collectively possess 13.1 million life insurance policies with overall insurance accounting for 9.3% of the country’s households’ net worth. We explore the basics of this sub-sector as well as the reasons why it may not always be the best option for everyone. Life Insurance Explained The industry is equipped with more plans than one can keep up with. This article will concentrate on two popular life insurance covers – term life insurance and universal life insurance. The term life insurance variant is basically what comes t