Term life insurance versus savings-linked policies
Understand the purpose of term cover and how it differs from policies that combine protection with savings or investment features.
Term life insurance is designed primarily to provide a death benefit for a stated period. Savings-linked or participating policies may combine insurance with maturity or bonus features and can have different costs, guarantees, exclusions, surrender values and liquidity. Compare the benefit illustration, premium-payment term, policy term, claim conditions, exclusions, grace period, surrender rules and inflation impact. Do not treat an insurance product as interchangeable with a deposit or mutual fund.
Eligibility
The insurer applies underwriting, age, health, occupation, income and documentation rules. Product availability and policy wording vary by insurer.
Potential benefits
Appropriate life cover can protect dependants from lost income and debt obligations. The product should match the protection need and affordability, not a sales illustration alone.
How to apply
Estimate dependants’ income-replacement and debt needs, compare authorised insurers, read the policy wording and benefit illustration, disclose health information accurately, and keep nominees and contact details updated.