Life insurance provides a payout to your beneficiary after your death, helping your loved ones financially. Living benefit plans, like critical illness or disability insurance, pay you while you’re still alive—helping cover income loss, medical bills, or recovery expenses when you’re ill or injured.

Yes, critical illness insurance is necessary as it provides coverage for conditions that are not covered by traditional health insurance, such as lost income, home care, and other related expenses.

The amount of income protection insurance you need depends on your monthly expenses and income. A financial advisor can help you determine the appropriate amount.