There are term, traditional, investment link product(ILP)
As mention before all product exist for a purpose. We cant say that which product is good and which is not. Durian is my favourite fruit but my dear brother hate it sooo much. my brother love to eat things that are plain, less favour, but for me i love strong favour food. So even in a family, brothers have different taste, thus product too have their different purpose.
Term insurance
premium usually low, lower admin charges, protection of individual for a period of time eg 40 years. No money to get back. Mean after 40 yr nothing happen to you, no cash will be given back.
ILP
premium higher than term, higher admin charges, is a protection plan with investment element, Guaranteed sum assured upon death, critical illness, and disable, have cash value thus able to cash out money. protection till specific time eg for death and critical illness is 99 yr and disability is 65 yr.
Traditional
premium higher than term, protection till specific time eg for death and critical illness is 99 yr and disability is 65 yr,Guaranteed sum assured upon death, critical illness, and disable, cant cash out money unless surrender policy.
all this plan are for different people with different needs.Eg if an old lady have got no coverage and is has little savings and income, is good that she take up a term plan cos is cheaper and she will still get herself covered. If a man that wish to have protection but is so afraid of investing, then a traditional plan is good for him, if a young man that wish to venture and wants to get some cash when he is in the middle age, then a ILP is good.
