Advice Pool - Insurance

Which type of policy is best for you, term or whole life? The answer depends on several factors

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

, including:

Your Needs. If you need coverage only until your children graduate from college,

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

for example, you might be better off with a term life policy.

Cash-value insurance is better s

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

uited for long term needs, such as planning estate taxes and providing lifetime security for yo

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ur spouse. Some term policies cannot be renewed past age 70 or 80 and can become costly to rene

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

w as you approach that age.

The Cost. If term life insurance is more suited to your budget and

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

you want life time coverage, consider a term life policy which can be converted into a whole l

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ife policy. Then you can convert the policy whenever your cash flow or needs dictate. You can a

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

lso purchase a combination of term life and whole life insurance and gradually shift into whole

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

life insurance over time.

Your Savings and Investment Goals. Whole life insurance can be a go

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

d long term investment vehicle, especially because the cash value has the potential to grow tax

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

-deferred. Should you no longer need the insurance but want some extra cash, you may surrender

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

the policy and collect the accumulated cash value. Be sure to discuss the tax consequences with

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

your tax advisor first.

As an alternative, you could purchase term life insurance and invest

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

what you save on premiums on your own. Compare the returns you can expect, and remember to take

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

taxes into consideration if you plan to select taxable investments.

So, Should I Buy Term Lif

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

e or Whole Life Insurance? Term life and whole life insurance both have advantages including im

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

mediate family protection. Deciding which type of policy and which features are right for you t

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

akes careful consideration and, most times, a comprehensible look at your financial plan. To di

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

scuss your life insurance needs and financial requirements, contact your financial professional

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Advice Pool - Term Life And Whole Life Insurance

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