HMO vs PPO Plans
HMO (Health Maintenance Organisation) — You must use doctors and hospitals within the insurer's approved network. Referrals from a primary care physician are required to see specialists. Lower premiums, but less flexibility.
PPO (Preferred Provider Organisation) — You can see any doctor, in-network or out-of-network. No referral needed for specialists. Higher premiums, but maximum freedom of choice.
Life Insurance: The Four Main Types
Term life — Cover for a fixed period (e.g. 20 years). If you die within the term, the payout is made. The cheapest form of life cover, ideal for protecting a mortgage or young family.
Whole life — Cover for your entire life with a guaranteed payout whenever you die. Premiums are higher but the policy builds cash value over time.
Endowment — A savings-plus-protection policy. If you die during the term, beneficiaries receive the death benefit. If you survive, you receive the maturity payout — used in the Caribbean to fund education or retirement.
Critical illness cover — Pays a lump sum on diagnosis of a specified serious illness (cancer, heart attack, stroke) — useful for covering treatment costs and lost income while you recover.