In today’s day and age, many people are struggling with their economic status. A lot of alternatives have been taken by them to support themselves and tier family members financially. While there are some people who just started their business journey to earn money, there are also some people who take advantage of the internet and technology development by doing online courses to generate side income.
In this era, it is undeniably hard to earn enough money with the economic downturn after the strike of pandemic Covid-19 and the increasing prices for groceries essentials nowadays. Even more so for those who have a family to support.
Signing up for a life insurance plan is a genius step to take. If you want to give your loved ones some extra protection in their lives, it is best to consider adding life insurance to your financial strategy plan. The money from a life insurance policy might be used to pay for funeral expenses, settle any debts, or pay for regular expenses. What you need and want a policy to do for you could determine whether life insurance is a wise purchase.
There are many types of insurance plans that you can sign up for. However, in this article, we are going to focus on the investment-linked insurance plan that surely will bring a positive impact on your financial status and your life in general. As you read through, click here if you are looking for investment-linked insurance protection Malaysia.
What is Investment-Linked Insurance Plan?
Unlike a normal life insurance plan, this life insurance policy combines both protection and investment in a single plan and it is known as an investment-linked plan (ILP). The investment-linked plan (ILP) is a type of insurance plan that offers both protection and investing opportunities. This policy is primarily for people who want the premiums that they pay to generate some income while protecting their health. The partial and top-up features of this insurance plan also enable your account value to increase and withstand market turbulence.
The Advantages of Investment-Linked Insurance Plan
- Risk Control
There is always a frequent misperception that investment-linked plans are risky and dangerous. However, many people are not aware that you have total control over the risk of your investments and choose your own fund to invest in. Certain investment-linked policies permit policyholders to change their bundled funds to better suit their budgets. This benefit is what broadens the investment-linked plan’s potential as a tool to generate money.
With the investment-linked plan, you have clear access to all of your transactions and you can track the whereabouts of your money as it allows you to see the charges and fees that they made. Additionally, you will receive a periodic summary detailing all transactions, including monetary worth, insurance fees and fund price per unit.
- All Benefits Package
In this insurance plan, you can expand or boost your protection needs and you can anticipate that your insurance will cover serious illnesses, accidents, and hospitalization in addition to your existing death as well as total and permanent disability policies. Some insurance companies also provide ‘riders’ in your insurance plans. Claimants will be able to receive a lump sum of money if a policyholder passes away or announces they have a terminal illness.