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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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12. Life Insurance

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Introduction

Life insurance plays an important role in personal financial planning. It protects you and your dependents against financial hardship due to unforeseen events such as death, permanent or total disability or critical illness. In addition, some types of insurance policies can be regarded as long-term savings plans. The money saved can be used for various purposes such as paying for your children’s education and retirement expenses.

Life insurance policies are quite varied, offering buyers unique as well as complex features. You should therefore be familiar with the objectives served by each type of policy in order ...

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