What is whole life Insurance?
Whole life insurance is paid on death, permanent disability or maturity of the policy. It even has a surrender value, where you get back a portion of your savings if you intend to terminate the whole insurance policy. Which is the main difference with a term life insurance plan.
The policyholder gets their savings back once the term of the insurance expires during their lifetime.
If the insured person dies or is disabled during the period this whole life insurance policy is in force, then the listed beneficiary gets the sum assured. A company can use this policy for their keyman insurance plan. Maximum age covered is 100 years old.
Why do we need whole Life Insurance?
The benefits of this policy are:
Covers funeral and related expenses
Financial security for the family to cover short term cash flow gaps
Cash returns on expiry of the policy
A whole life insurance is a comprehensive and permanent life insurance plan. It covers death and total permanent disability (TPD) of the insured. The sum assured is payable subject to terms and conditions. It is a suitable plan to be used for a business keyman insurance policy.
What is the coverage provided by the AIA Whole Life Insurance?
AIA has two whole life insurance plans. A-LifeSecure and A-LifeTime Secure plans. Get in touch with us to understand the differences between these two plans.
The earliest age to be covered is 14 days old. And the oldest age to apply is 65 years old. The insurance coverage is up to 100 years old.
Additionally, to qualify for TPD, the applicant has to be no more than 60 years old. And the coverage for TPD is up to 65 years old.
A critical care insurance rider can be added on for this coverage to be more comprehensive.
The minimum sum assured is RM20,000. The maximum sum assured is subject to underwriting checks terms and conditions. If a conversion to another plan is required, please get in touch with us for the best advice on how to proceed. There could be additional declarations and underwriting terms and conditions.
The insurance premium paid will depend on the insured’s health status, age, and gender. Underwriting will be made once for the policy to determine the premium rates. The premium payment is best paid annually, but can also be paid monthly or quarterly if needed. Payments can be made with deductions from a credit card or other modes of payment. The premium has to be paid during the duration of the policy in force.
As most people will want a return on investing in an insurance policy, another option would either be an investment-linked life insurance plan. This gives similar total life protection but with a better return on investment on expiry.
Contact our AIA Life Planning Advisor to get in touch with us and start your personal coverage or choose your plan now. Get covered correctly. Be advised correctly. Call today to be advised on the best insurance protection personalized for you. Or send us the form below on your interest.