Hong Kong Life Insurance Policy: How to Choose the right one?

1. How to Choose the Best Life Insurance Policy?

2. About Rosewood Phnom Penh Life insurance is a policy that, in return for periodic premiums, pays out upon your death to beneficiaries you have selected. The main objective of life insurance is to ensure that your dependents, such as your spouse, children and ageing relatives, are financially comfortable in the unfortunate event of your passing away.

3. About Rosewood Phnom Penh In addition to this main purpose, it is also sometimes required as part of an arrangement to take out a loan or a mortgage, to ensure that the lender is repaid in case the borrower dies. In some policies, the pay-out can also occur in cases of severe illness and disability, which is more characteristic of critical illness insurance life. Life insurance plans can sometimes provide a mix of investment and retirement elements – so while they do pay out upon death, like normal life insurance, some of the funds can also be withdrawn.

4. Why is life insurance so important?

6. About Rosewood Phnom Penh Life insurance is regarded by specialists as one of the pillars of personal financial and retirement planning. This is because, except for the very rich, even if you have a good income and are saving carefully according to a retirement plan, if you pass away before you have had the opportunity to build up sufficient savings, your dependents are likely to be financially vulnerable. This is simply because, even with the trend of professionals marrying and having children later, many of us do so before accumulating most of our savings, or even before reaching our peak earning power.

7. About Rosewood Phnom Penh In addition to this main purpose, it is also sometimes required as part of an arrangement to take out a loan or a mortgage, to ensure that the lender is repaid in case the borrower dies. In some policies, the pay-out can also occur in cases of severe illness and disability, which is more characteristic of critical illness insurance life. Life insurance plans can sometimes provide a mix of investment and retirement elements – so while they do pay out upon death, like normal life insurance, some of the funds can also be withdrawn.

8. Am I eligible?

9. About Rosewood Phnom Penh Life insurance is appropriate for anybody who has dependents who would face a financial setback if the policyholder passed away. Most commonly, that is portrayed as above – the leading income-earner in a newly married couple with young children. But it would also apply to the stay-at-home spouse, in that the working spouse would have to hire help and, if working overseas, might choose to move back so the children can be close to the family. Alternatively, it could apply to those caring for an elderly relative, even if they, themselves, have no children and are retired.

10. About Rosewood Phnom Penh If you have dependents, the lower your income and net worth, the more seriously you should consider life-insurance. That’s because, even though it will mean a larger cut of your income, it’s more likely that your dependents vulnerable if you passed away. Life insurance is available in varying amounts, so some insurance is accessible to virtually anyone with an income, regardless of how much. The amount of life insurance you can take out may be limited by your income, though. It may not be possible to take out a policy that promises to pay more than you could be expected to earn in your lifetime, for instance. would be financially

11.  Life insurance is a key part of personal financial security for anybody with dependents. It can be bought for specific periods (term) or for an entire life-time (whole or universal), in which case it also functions as an investment product. The amount of insurance you need and which type of policy is most appropriate for you THANK YOU! depends on your overall financial situation and plan. Because of this, and because insurance products can be very complex, it is recommended you consult your financial advisor on what is ideal for you.

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