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Life Insurance Policy Term


By Joz L


It is important to know what these terms mean when you read your term life insurance policy contract.

Health Insurance

Rider is a supplementary benefit that can be attached to a basic insurance policy such as whole life; endowment or term plans with additional premium. It provides extra benefits and protection at low cost. The drawback is it ceases upon a claim on the basic policy. For example, a disability income benefit can be attached as a rider to a basic policy covering death and critical illness and when a claim is made for a critical illness for basic policy, the disability income rider terminates accordingly.

Payout is the amount of insurance company is liable to pay to the policyholder in a specified event according to the terms stipulated in the policy contract. This usually refers to the sum assured of the policy.

Exclusions specified circumstances under which benefits will not be paid in the event of a claim. Pre-existing condition is a common exclusion in health insurance where any illness or disability that the insured person is known to have prior to signing up a policy will not be covered. Suicide within the first 12 months of the policy inception is typically excluded in most policies.

Deductible is a fixed amount the insured person has to pay before benefits of health insurance policy are payable.

Co-Insurance is the percentage of the hospitalisation bill the insured person has to pay on the portion of the bill in excess of the deductible.

is the amount payable to the policyholder when cashes in or surrender policy. While whole life, endowment and investment-linked policies usually build up cash values over period of time, term policies donít have any cash value.

Pre-Existing Condition is a medical condition known to exist prior to the insurance policy whether or not treatment, medication, advice or diagnosis was sought or received and which may not be covered or which may limit the terms and conditions of the benefits offered under the new policy.





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        Are you well insured with insurance plans? An adequate term life insurance protection coverage is not how many policies you have now, more importantly is about the type of insurance plans you have bought matches your family protection needs. As a rule of thumb you need to cover up till your kids becomes financially independent. Ideally, your total amount of insurance coverage is 10 times of your annual income, and you should not spend more than 10% of your on term life insurance policies.

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        The right way to buy a life insurance that caters to your family protection need is asking your insurance service agents for free insurance quotes to determine how much is enough for you. The key foundation of any financial planning is insurance protection, start early to insure adequately in all areas pertaining to health insurance as you are more insurable and more likely to be still very healthy. This means that the premiums you are paying can be relatively affordable and cheaper.

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