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Insurance helps protect your financial plan against specific risks such as premature death, illness, hospitalisation or other covered events. Adequate insurance can help protect dependants and prevent unexpected financial events from significantly disrupting savings and investment goals.

Life insurance is a financial protection product that provides a benefit to the policyholder's nominated beneficiaries or other eligible recipients upon the occurrence of events covered under the policy, typically including death during the policy term. The exact benefits and conditions depend on the specific policy.

Term insurance is a type of life insurance that generally provides life cover for a specified period. If the insured event occurs during the policy term, the policy pays the applicable death benefit subject to the policy terms and conditions. Term insurance is primarily designed for financial protection rather than investment.

Term insurance primarily provides life protection for a specified period, generally without an investment component. Other life insurance products may combine insurance with savings, investment or other benefits. The structure and conditions depend on the specific policy.

Term insurance is generally most relevant when other people depend on your income or when you have financial liabilities that would need to be managed if you were no longer able to provide income. Buying adequate protection earlier may also allow you to obtain coverage at a relatively lower premium, subject to underwriting and the insurer's terms.

Required life cover depends on factors such as income, outstanding loans, number of dependants, future financial goals, existing assets, children's education needs, retirement requirements and inflation. A suitable level of cover should be considered based on the family's overall financial requirements rather than a single fixed formula.

Premiums can depend on age, health, lifestyle, occupation, policy term, sum assured, type of policy and other underwriting considerations. The final premium is determined by the insurer based on its underwriting criteria.

A nominee is a person designated under a life insurance policy to receive the policy proceeds in accordance with the applicable policy terms and law. Nomination helps facilitate the claim process, but nomination and legal succession are not necessarily the same thing.

A claim is generally initiated by notifying the insurer and submitting the required claim form and supporting documents. The insurer evaluates the claim based on the policy terms, applicable disclosures and documentation before deciding the claim.