Practical Tips For Buying Life Insurance
Young People
- After you join social work from school, your friends or relatives who are engaged in insurance may sell insurance to you. Of course there is nothing wrong with buying insurance from them, but you should consider your own needs and should not buy based on favours.
- Learn how to manage your income and expenses so you can afford your premiums.
- It is very important to pay your premiums on time. If premiums are not paid, insurance coverage will lapse.
- Remember, insurance is a long-term financial commitment.
- Young people can consider basic protection first and then add other protection coverage in the future if necessary.
- Understand the group insurance offered by your employer to consider your protection needs together.
Planning to get married/have children/buy a home
- As you enter different life stages, such as getting married, having children, or buying a home, you may need to take on more responsibilities or debts, and support more family members, so you need a larger life insurance amount. But life insurance is expensive and represents a long-term financial commitment, so you must fully evaluate your financial capabilities.
- If you need a larger amount of protection but have a tight budget, you may consider a term life insurance policy with lower premiums and larger sum assured.
- Or, consider combining term and whole life insurance. For example, purchase a whole life life with a lower sum insured but with a sustainable premium, and then add a larger term life insurance as needed. The two can be combined to protect your family at different stages. the goal of.
- When a bank underwrites your mortgage loan, you should consider purchasing mortgage insurance (usually a term life insurance product with coverage that decreases based on the outstanding mortgage balance).
- Consider whether you have other insurance needs, such as medical , critical illness , accident , etc.
- Please note that the cost of life insurance increases with age, and health problems may make it more expensive or more difficult to obtain additional insurance in the future.
Senior Citizens
- Elderly people generally have fewer (or no) debts and dependents, so they generally have a lower need for life protection. But you can consider other insurance needs, such as medical and annuity .
- You should review your existing life insurance policy:
- Term life insurance can become very expensive as you age. Therefore, if you have purchased this type of policy before, you may consider whether you still need to keep it.
- If you purchased a whole life insurance policy a long time ago, the guaranteed cash value and dividends rolled over may exceed the premium you paid. Some whole life policies offer a dividend-to-premium reduction option, which means that after a long period of contribution, the expected accumulated dividends may be enough to pay the premium. However, since dividends are not guaranteed, it is only an expected result that the dividends will be sufficient to pay the premium. In addition, using bonuses to reduce premiums will result in a reduction in accumulated bonuses. Therefore, accumulated dividends may not be able to continue paying premiums, and policyholders may still need to resume paying premiums.
- If you have designated a beneficiary for the policy, the insurance proceeds will be paid directly to the beneficiary and will not be transferred to the estate. You can contact your insurance company to make sure your policy has a beneficiary designation.
Practical tips for buying life insurance
- Always shop around before buying life insurance. Even after a decision is made, you still have the right to change your mind during the “cooling-off period” and receive a refund of the premium paid. The cooling-off period is within 21 days of receipt of the life insurance policy or notice given to you or your representative, whichever is earlier.
- When choosing an insurance product, don’t just pay attention to the premium amount. Premium amounts usually reflect different sum assured and policy terms. Please note that the value of a life insurance policy with a savings component is divided into two parts: guaranteed (i.e. “guaranteed cash value”) and non-guaranteed (i.e. “dividends”).
- Purchasing insurance requires paying premiums over a long period of time. Please be aware of the consequences of not paying premiums.
- Don’t rely entirely on what your insurance agent tells you. Read the policy carefully and make sure you fully understand the coverage, terms and conditions, etc. Do not sign a blank/incomplete application form.
- Make sure your insurance intermediary is registered or recognized. Please refer to the golden rules for choosing an intermediary .
- Understand that the amount of insurance provided by the policy is in line with your actual needs. Check with your intermediary to see if there are other lower-cost, simpler product options (such as pure protection products, i.e. term life insurance).
- At different stages of life, you are likely to have different insurance needs. Therefore, as you enter different stages of life, you should re-examine your insurance needs.
- Make it a good habit to review your life insurance policy regularly, such as once every 5 years, to ensure that the sum insured still meets your needs.
- Do not surrender or switch insurance casually. If the policy has a savings or investment element, early cancellation of the policy may result in significant penalties. For details, please refer to the Insurance Authority’s booklet “How much does it cost to transfer a life insurance policy” .
- Please refer to the booklet ” Insurance Tips ” jointly produced by the Insurance Authority and the Chin Family for more insurance tips.
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