Family Insurance Plan

Hi Mr Tan,

I really enjoy reading your blog. It is simple to read and at times, amusing, as you write about your own observations on everyday experiences.

I wish to ask about the differences between the Protection plan and Family Insurance plan offered by NTUC Income. The descriptions and explanations are not clear.

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REPLY:

A protection policy is a whole life policy. It covers you for the whole of life and pays the sum assured and bonuses in the event of death or permanent disability for all causes.

The family insurance policy allows you to insure yourself and members of your family under several coverages, for example, term insurance, accident insurance, medical insurance. You can vary the amount of coverage for each person.

Normally, you will have to take a different policy for each type of coverage and for each person. Under the family policy, you can put these coverages under 1 policy and not under many separate policies.

I suggest that you read the FAQ in these two web-pages:

Protection
Family Insurance