Insurance and protection
Life, disability and critical illness insurance, in plain words.
Each type protects something different. Here is what each one does, and what to check before you buy.
Life insurance
Life insurance pays a benefit to the people you name when you pass away. Term life covers you for a set number of years. Whole life covers you for life and usually costs more.
Price and eligibility depend mainly on age and health. The insurer makes the final decision on any application.
Disability insurance
Disability insurance replaces part of your income if an illness or injury stops you working. Check the waiting period, the benefit amount, how long it is paid, and how the policy defines disability.
Critical illness insurance
Critical illness insurance can pay a lump sum if you are diagnosed with a covered illness. The list of covered illnesses, any waiting period, and the conditions for payment are set by each policy.
Before you buy anything
- Read the policy wording, including exclusions
- Ask who is licensed to explain the policy to you
- Check what your employer's group plan already covers
