Life insurance is designed to cover the financial needs of your family or dependants in the event of your death. It pays them either a lump sum or regular payments. If you are the primary bread winner in your family, you should consider your need for life insurance.
There are several common types of policies available in Hong Kong

Term life policy pays a lump sum upon your death if it occurs within a fixed period of time (ie the term of the policy);

  • Whole life policy generates a cash value and non-guaranteed dividend which will normally be increasing during your lifetime. The policy will provide a lump sum benefit to your beneficiary upon your death. If you surrender your policy too early, the cash value and dividend recovered might not be sufficient to cover the amount of premiums paid.

  • Endowment policy generates a cash value and non-guaranteed dividend (some endowment policies offer guaranteed dividends) which will normally be increasing during the policy term. The policy will pay a lump sum upon reaching an agreed date if you survives or pay a death benefit if you die before that date. If you surrender your policy too early, the cash value and dividend recovered might not be sufficient to cover the amount of premiums paid.

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