What is the Term Cover 10?
Term Cover 10 is a more efficient and forward-thinking term life insurance protection plan offered by Hong Leong Assurance. It is a one-time 10-year plan that you can renew twice more or convert into a whole life insurance.
With hassle free registration and pure protection coverage you have the best deal right here.
How does it work?
Well, when you sign up for the insurance policy you will have a choice of 5 plans to choose from within the policy, each with different ranges of coverage. Select your preferred coverage based on what you want and what you can afford, and once you’ve settled on a plan, there you have it a protection plan all for you.
Your premiums will be calculated based on several factors including the plan you pick, but rest assured for the entire term of your policy, that’s 10 years by the way, your premiums will not change.
How do I pay my premiums?
How you want to make your payments is up to you. Either you could pay by credit or debit card, or via online banking. However, the question of how often you need to pay your premiums is relative.
You will have the option of paying you premiums, monthly, quarterly, semi-annually, or annually. Once you have selected your frequency, then the decision is permanent for the next 10 years of the term duration.
If you would like to rethink your payment options at the end of the 10-year term, of course that is entirely possible.
What are my options with the coverage?
Since there are 5 plans to choose from you will have 5 options on the sum you are assured for RM50,000 to RM500,000. Not to mention, when you are covered by Hong Leong Assurance, you also have the ability to purchase multiple plans, as long as they amount to a sum assured of RM500,000.
With this protection plan you will get coverage for Death, and Total and Permanent Disability. Both are for the same amount of the sum assured. If you’d like to change you plan, either to reduce or increase the coverage, you can do that at any policy anniversary.
Tell me more about the renewal and conversions?
As mentioned, the Term Cover 10 is a 10-year protection plan, that you can renew at the end of the term. You may renew the policy up to a maximum of 2x depending on your age at the date of renewal.
However, you also have the option to convert the plan and pick up a whole life insurance plan after your 10-year term. With the conversion you will have a whole new plan with longer protection and a completely different set of coverage to suit your needs later on in life.