Protection plan in life insurance with total solution means get all in one policy
Life insurance is a contract between an insurer and a policyholder, where the insurer agrees to pay a sum of money to the beneficiaries of the policyholder in case of his or her death. A protection plan is a type of life insurance that provides coverage for a specific period of time, usually 10, 20 or 30 years. A protection plan with total solution means that the policyholder can get additional benefits such as critical illness cover, disability cover, accidental death benefit, etc. in the same policy.
- Explain the protection plan simple way with example?
A protection plan is like a safety net for your family. It ensures that your loved ones will not face any financial hardship if you die unexpectedly. For example, suppose you have a protection plan with total solution for 20 years, with a sum assured of $500,000 and a critical illness cover of $100,000. If you die within the policy term, your beneficiaries will receive $500,000 as a lump sum. If you are diagnosed with a critical illness such as cancer, heart attack or stroke, you will receive $100,000 as a lump sum and the policy will continue until you die or the term ends.
- Why protection plan is must for every family nowadays?
A protection plan is must for every family nowadays because life is unpredictable and full of risks. You never know when you might face a serious illness, an accident or a premature death. These events can have a devastating impact on your family’s financial security and emotional well-being. A protection plan can help you protect your family from these uncertainties and provide them with peace of mind. A protection plan can also help you achieve your long-term goals such as buying a house, saving for your children’s education or retirement.
- Why protection plan is treated as emergency fund and without protection plan loved ones family members are under seems to be peril condition?
An emergency fund is a savings account that you can use for unexpected expenses or emergencies. It is recommended to have at least three to six months of living expenses in your emergency fund. However, an emergency fund may not be enough to cover the loss of income or the medical expenses that may arise due to a death or a critical illness. A protection plan can act as an emergency fund by providing a large amount of money to your family in case of such events. Without a protection plan, your loved ones may have to face financial difficulties such as paying off debts, meeting daily expenses, funding education or healthcare, etc. They may also have to compromise on their lifestyle, dreams and aspirations.
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