Guide to Selecting Term Insurance
This guide consolidates 7 differences between group term insurance and personal term insurance into an easy-to-use table to help you immediately understand the key differences.
There are 2 main types of term insurance – Group and Personal.
A group term insurance policy, as the name suggests, is a type of insurance that people buy as a group. For example, the insurance coverage you enjoy as part of your employee benefits is a type of group term insurance. The MINDEF and MHA Group term insurance that is available to all national servicemen is another example.
On the other hand, a personal term insurance is something you buy from an insurance company. The coverage is similar to what is offered in a group term insurance but there are many differences in features.
Understanding these 2 types of term insurance, is an important step towards planning for your own financial needs. Term insurance can be a solution to a large area of needs such as mortgage loans, temporary liabilities, business loans and estate planning.
This guide can help you to:
1) Plan how much personal term insurance to buy so that you can complement what you already have under your company’s group term insurance.
2) Assist you in estate planning.
3) Choosing the right term plan and riders to suit your array of needs.
Included in the guide are key differences that will assist you in making a decision in your insurance planning process:
1) Premiums – The difference between the amount you pay for a group term insurance or personal term insurance
2) Riders – The additional coverage available for your choice of term insurance
3) Coverage – The amount of coverage available to you
4) Policy Ownership and more.
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