Unit link is the investment part which means at some point in the future you could get some money back
Say your premium is $100. The insurance company invests that to make a return to cover any claims
If in the future you cancel or the policy expires you are entitled to some of that back
But don't expect a lot. Yours is predominantly a medical insurance. NOT a life insurance and not a savings plan
Life insurance is what pays you a big lump sum if you die
Savings plans are unit linked - every premium is buying units in equity / hedge funds (stocks and shares) which increase in value usually
Health insurance just covers medical etc and can be stopped any time but you won't get it back
If you don't crash your car, you don't get your money back. But if you crash it driving out the showroom then you would get a brand new car.
Some you win some you lose
All 3 are important. But ideally keep them separate. And make sure policies up to date. If you let one lapse by even a day non payment etc then don't moan if the insurance company don't pay your claim one day
Then every type of insurance has sub divisions. Like life insurance to cover a mortgage. Decreasing term means it costs less and pays less the longer it goes on because in 20 years there's less mortgage arrears to pay
Whole of life is as it means
Increasing term means premium and sum assured goes up e.g. inflation etc etc
Say your premium is $100. The insurance company invests that to make a return to cover any claims
If in the future you cancel or the policy expires you are entitled to some of that back
But don't expect a lot. Yours is predominantly a medical insurance. NOT a life insurance and not a savings plan
Life insurance is what pays you a big lump sum if you die
Savings plans are unit linked - every premium is buying units in equity / hedge funds (stocks and shares) which increase in value usually
Health insurance just covers medical etc and can be stopped any time but you won't get it back
If you don't crash your car, you don't get your money back. But if you crash it driving out the showroom then you would get a brand new car.
Some you win some you lose
All 3 are important. But ideally keep them separate. And make sure policies up to date. If you let one lapse by even a day non payment etc then don't moan if the insurance company don't pay your claim one day
Then every type of insurance has sub divisions. Like life insurance to cover a mortgage. Decreasing term means it costs less and pays less the longer it goes on because in 20 years there's less mortgage arrears to pay
Whole of life is as it means
Increasing term means premium and sum assured goes up e.g. inflation etc etc