Life insurance provides a lumpsum compensation to the designated beneficiary upon the death of the insured, this is known as the death benefit. Life insurance is mainly classified into two categories:
- Life insurance with saving elements, also known as whole life insurance
- Pure life insurance, also known as term life insurance.
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Life insurance provides financial support to the designated beneficiary, preventing insured person’s loved ones’ livelihood from being affected by the unfortunate death. A lumpsum payment will be compensated by both whole life insurance and term life insurance, however, the former offers both protection and returns, whilst the latter solely provides protection. For the same premium, term life insurance typically offers over 12 times^ higher coverage than traditional savings life insurance products.
Bowtie Term Life Insurance, operating fully online, reduces more administrative costs than other insurers, allowing us to provide over 40 times^ higher coverage than traditional savings life insurance for the same premium.
^ Calculated based on the standard premium of a 35-year-old non-smoking female insured with a sum assured of $1 million; term life insurance: data is the standard premium of term life insurance (20-year coverage) on the market on July 1, 2020(Includes term life insurance that can be applied online and 8 other term life insurance products); saving life insurance: data is the standard premium of 8 saving life insurance products (20-year premium payment period) on the market on July 1, 2020.