Life insurance is an excellent long-term savings and investment tool. It also provides the insured's dependants with temporary financial stability in the event that the insured dies. This is commonly known as the 'death benefit'.

On the other hand, policies such as PA plans, Critical Illness plans, and Hospital and Surgical plans add 'living benefit' protection to the life plan. They compensate for crisis events that do not cause death.

Disability through illness or accident can temporarily or permanently prevent one from working and earning a regular income. That is why it is important to ensure that one has adequate health and accident insurance coverage in addition to one's life insurance plan.