Whole Life Insurance
Contact Details
Richtec Consultancy
Phone: 019-787 1313
No. 11-01, Jalan Mutiara Emas 2A, Taman Mount Austin, 81100 Johor Bahru, Johor
Whole Life Insurance
Whole life insurance pays out in the event of death, permanent injury, or policy maturity. It also has a surrender value, which allows you to get a percentage of your savings back if you decide to cancel your entire insurance policy. This is the primary distinction between a term life insurance policy and a permanent life insurance policy.
When the term of the insurance expires during the policyholder's lifetime, the savings are returned to them.
When the covered person dies or becomes ill when the entire life insurance scheme is in effect, the balance guaranteed is paid to the named beneficiary. This scheme should be used with a company's key person insurance coverage. The maximum age that will be covered is 100 years old.
The Importance of Whole Life Insurance
The below are some of the advantages of this policy:
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Creating an estate plan
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Covers the costs of a funeral and all associated charges.
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Financial stability for the family to cover cash flow deficits in the short term
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Returns in cash as the scheme expires
A whole life insurance policy is a generous and long-term policy. It includes the insured's death and complete and permanent disability (TPD). The amounts guaranteed is contingent on certain terms and conditions being met. It's a good idea for a key person insurance policy for a company.
Coverage Provided by the AIA Whole Life Insurance
There are two entire life insurance policies offered by AIA; Plans A-LifeSecure and A-LifeTime Secure. 14 days old is the youngest age that can be covered, while 65 years old is the oldest age to apply. The insurance policy covers you for up to 100 years.
In addition, the claimant must be under the age of 60 to be eligible for TPD. TPD coverage is available up to the age of 65.
To make this policy more robust, a critical care insurance rider should be included. A minimum amount guaranteed of RM20,000 is needed. The maximum sum assured is subjected to the terms and conditions of underwriting tests. If you need to move to a different schedule, please contact us for the best guidance on how to proceed. Additional statements and underwriting terms and conditions may be required.
The amount of insurance premium received is determined by the insured's fitness, age, and gender. To assess the premium rates, the scheme will be underwritten once. The subscription charge should be made once a year, but it may also be made monthly or quarterly. Payments may be created by debiting a credit card or using various methods. The fee must be charged for the whole term of the policy.