Investments help you build wealth; insurance helps protect it. Before focusing on returns, it is worth making sure your family is protected against life's uncertainties.
Term life insurance
A term plan provides a sum assured to your nominees if something happens to you during the policy term. Because it is pure protection, a term plan can offer a meaningful cover amount for a relatively affordable premium. The right cover depends on your income, liabilities such as home loans, and your family's future needs.
Health insurance
Medical costs can disrupt even a well-planned budget. Health insurance helps cover hospitalisation and related expenses, so that treatment does not force you to break long-term investments. Consider cover for your whole family and review it as your family and healthcare costs grow.
Keep protection and investment separate
Combining insurance and investment in one product can make it harder to judge whether you have enough cover. Many families find it clearer to meet protection needs through term and health insurance, and meet growth needs through a separate investment plan.
Read the fine print
Waiting periods, exclusions, claim processes and riders vary between policies. Understanding these before you buy avoids surprises when you need to claim.
Our team can help you assess your protection needs and compare suitable options across insurers.
This article is for general investor education only and is not investment advice or a recommendation. Mutual fund investments are subject to market risks; read all scheme-related documents carefully before investing. Insurance and loan products are subject to the terms of the respective insurer or lender.
Term, health or both? Understanding the protection your family needs
Insurance is the foundation of a financial plan. A simple look at term life and health cover, and how to think about the protection your family may need.
