Buy term assurance to protect your family

There was a story in the newspaper about a widow with young children. Her husband passed away, and left her with financial liabilities to settle. Later, she became an insurance adviser, and used her example to advocate that all families should be adequately protected.

I agree.

Here are some options for a person age 30 to secure an life insurance protection of $200,000:

- whole life policy $3,000 - $6,000 a year
- term assurance policy $800 (male) $560 (female) a year
- decreasing term assurance $320 (male), $240 (female)a year

When you meet your insurance adviser, you should ask for the three options. You can find that life insurance cover (especially with a decreasing term assurance) can be quite affordable.

IF you can afford to save more, you can consider a whole life policy - which gives you a cash value.

More people now opt to buy a decreasing term assurance and invest the difference in an investment-linked fund.

Make the right choice. Learn about insurance through this educational website:

www.KnowYourInsurance.com.sg