Life Protection

Life pro­tec­tion insur­ance is a life insur­ance policy that is designed to cov­er the insured for life. It pays a lump sum of money upon death, and about 5 install­ments of pay­out upon Total Per­man­ent Dis­ab­il­ity of the insured. Life insur­ance policy usu­ally also comes with Crit­ic­al Ill­ness cov­er­age that also pays a lump sum upon the dia­gnos­is of the covered crit­ic­al ill­ness defined by the insurer.

The fol­low­ing three types of life insur­ance are cur­rently sold in the mar­ket.

Type of Life Policy Cov­er­age
Tra­di­tion­al Whole Life Policy Whole life
Term Policy Up to a spe­cified age, say 60
Invest­ment-linked Life Policy As long as it is in-force

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