Beyond Life: Understanding What Happens to Your Insurance When You're Gone

At Orizal, we believe in having open, honest conversations about all aspects of financial planning - including the sensitive topic of what happens to your insurance policies after you pass away. Today, we're shedding light on this important subject to help you better understand and plan for your loved ones' future.

The Afterlife of Your Insurance Policies

1. Life Insurance

The primary purpose of life insurance is to provide for your beneficiaries after you're gone. Upon your passing:

• Your beneficiaries will need to file a claim with the insurance company.
• Once verified, the death benefit is typically paid out as a tax-free lump sum.
• This money can help your family cover funeral expenses, pay off debts, or maintain their lifestyle.

2. Health Insurance

Generally, individual health insurance policies terminate upon death. However:

• If you had a family plan, your dependents might be able to continue coverage for a certain period.
• They may need to transition to their own policies eventually.

3. Critical Illness Insurance

These policies usually end upon death, but:

• If death was caused by a covered illness, and the claim wasn't made during your lifetime, your beneficiaries might still be able to claim the benefit.

4. Personal Accident Insurance

If your death was caused by an accident covered under the policy:

• Your beneficiaries can claim the death benefit.
• They may also be entitled to other benefits like funeral expenses coverage.

5. Endowment or Investment-Linked Policies

These policies often have a death benefit component:

• The sum assured or the account value (whichever is higher) is typically paid out to your beneficiaries.
• Some policies may have special provisions for continuation or transfer of ownership.

Key Considerations for Policy Owners

1. Keep beneficiary information updated: Ensure your intended beneficiaries are correctly listed and their contact information is current.
2. Inform your beneficiaries: Make sure your loved ones know about your policies and where to find the necessary documents.
3. Consider policy ownership: In some cases, transferring ownership of certain policies during your lifetime might be beneficial for estate planning purposes.
4. Regular review: As life changes, so should your insurance coverage. Regular reviews ensure your policies continue to meet your family's needs.

At Orizal, we understand that these conversations can be difficult. That's why we're here to guide you through the process with empathy and clarity. Our human-centric approach means we take the time to understand your unique family situation and help you make the best decisions for your loved ones' future.

Join Us in Making a Difference

Are you passionate about helping others navigate these important life decisions? We're always looking for caring individuals to join our team as financial advisors or general insurance practitioners.

At Orizal, you'll have the opportunity to make a real difference in people's lives, providing guidance and support during some of their most challenging times. You'll be part of a family that values personal growth, offers mentorship, and provides access to a diverse network of financial service providers.

Ready to embark on a meaningful career that impacts lives? Visit our careers page at Orizal Careers to learn more about joining our team. Together, we can help more families in Singapore secure their financial legacy and peace of mind.

Remember, at Orizal, we put people first - in life and beyond. Let's have a conversation about how we can help you ensure your loved ones are protected, no matter what the future holds.