Aug 27 2012, 10:45 PM
QUOTE(cherroy @ Oct 6 2010, 06:00 PM)
The insurance still have its purpose.
Just the term "family members don't need to be burden" is not quite correct.
Let say A got 10K FD, while had 5K CC debt
Scenario 1
So if you bought the PA insurance, the insurance will cover the 5K.
Scenario 2
If no buying this insurance, then A father's asset/leftover, for eg got FD of Rm10k, will be used to offset the 5K debt.
Scenario 1 - family member inherit 10K
Scenario 2 - family member inherit 5K
The difference is there if death.
But this must be death due to accident, if the insurance stated it is an accident policy, other death due to sickness etc will not cover.
What about Scenario 3?Just the term "family members don't need to be burden" is not quite correct.
Let say A got 10K FD, while had 5K CC debt
Scenario 1
So if you bought the PA insurance, the insurance will cover the 5K.
Scenario 2
If no buying this insurance, then A father's asset/leftover, for eg got FD of Rm10k, will be used to offset the 5K debt.
Scenario 1 - family member inherit 10K
Scenario 2 - family member inherit 5K
The difference is there if death.
But this must be death due to accident, if the insurance stated it is an accident policy, other death due to sickness etc will not cover.
Credit card debt 5K with bank A
The 10K FD is at bank B.
No buy insurance.
This post has been edited by simplesmile: Aug 27 2012, 10:46 PM
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