Life Insurance

What is life insurance for?

Any death has an emotional toll on a family, however it can also be a toll on the financial security of a family. Suddenly, without the deceased’s steady income, paying the mortgage, education, and living expenses can become far more difficult.


Ensure your family’s well-being with life insurance, helping build a more promising future for you and your loved ones while mitigating any financial burdens. Life insurance is a means of helping your family cope after your death, providing your loved ones with financial security once they can’t rely on your salary or income.


What is a beneficiary and why designate one?

To ensure your benefits are given to the ones you love, the policyholder must select a beneficiary – the person or persons who are to receive the proceeds from your life insurance policy once you pass away. In order for someone to be a beneficiary, they need a proof of relationship – i.e. wife, family, business partner, etc.


What is the difference between life insurance and investment-linked life insurance?

Typical life insurance policies provide a payout in the event the insured dies, or otherwise, expires if the insured survives the term set out in the policy. It is primarily for protection against the financial burden for  your loved ones in the event of  your passing away.


Investment-linked life insurance is a non-traditional life insurance plan; a hybrid of protection and investment. With investment-linked policies, policies include an investment component, with a portion of the income being allocated to investments – such as stocks, funds, or even assets – where you can enjoy possible returns. In addition, you can withdraw or borrow against the policy depending on your financial needs or in case of unforeseen events.


What are the tax benefits of life insurance?

Death benefits are typically received income tax-free by your beneficiaries. Even the cash value that has accumulated within the policy is often tax-free. However, depending on your nationality and where you reside at the time of the policy distribution, you could be subject to estate tax or other taxes.