Life is full of possibilities. An opportunity out of the blue may make your years-long dream come true or your children’s aspirations take shape early on. Yet, a crisis that catches you by surprise can ruin your achievements built up over years. To foster a safety net to fend off risks from all corners while setting aside an ample family reserve to realise the dreams of yours and your family’s when opportunity knocks on your door, it is essential to have a prudent lifelong or cross-generations protection plan. In formulating such a plan, how do you make sure everything is covered for you and your family to enjoy all-round protection?
Protection Solution for a Carefree Life
Life insurance is the bedrock of family protection. To secure a carefree life for your loved ones, you may consider your medical needs and mortgage obligations altogether when drawing up a life insurance plan. Based on your own needs, you may also choose the appropriate supplemental benefits, such as Critical Illness Benefit, Waiver of Premium on Disability Benefit and Payer’s Benefit, to ensure the continuity of the policy irrespective of specific adverse changes in your personal situation. Moreover, some of the insurance plans designed with high flexibility, you are free to adjust the Sum Insured and leaving sufficient financial resources to meet your needs at both the personal and family levels. When making your choice, the following key points should be considered:
- Different life insurance plans have different features. Before buying, it would be wise to consider your personal and family needs thoroughly to make sure that the plan chosen best fits your requirements.
- Universal life insurance plans, which offer a high degree of flexibility, are particularly suitable to be used as a financial tool for flexible financial planning. Some such plans in the market not only allow customers to adjust the sum insured, but also allow them to pay unscheduled premium or withdraw cash to meet any financial emergency.
- Some life insurance plans with a built-in savings element offer annual policy dividends, as well as a cash value and non-guaranteed policy dividends to boost the potential return on the policy.
- Some life insurance plan provide comprehensive protection with at a low premium. With fixed premium within the policy period, it is more facilitate for customers to arrange the financial plan.
- There are mortgage protection plans especially designed for homeowners with a substantial mortgage obligation, to ensure that the home will be safe in the hands of the family despite any fateful twist of life. The policy term is normally based on the outstanding mortgage term.
- When planning for your wealth growth strategy, you should also make an assessment to identify any shortfall in your family’s medical and health protection. You would probably like to rest assured that you and your family can receive timely treatment for any health problem without having your family’s financial reserve eaten up by the medical bills.
- You can enjoy more convenience and advantages by buying insurance through your bank with other banking services. Besides offering a wide range of life insurance products, Hang Seng jointly provides medical protection schemes with the health insurance specialist in Hong Kong. For more details of medical protection schemes , please click here.