Life Insurance

Life Insurance

A contract between an individual and an insurer where the insurer promises to pay the individual’s listed beneficiaries a sum of money upon the death of the insured person.

PREMIUM

The amount an insurance provider charges an individual to manage the risks related to the policy.

DEATH BENEFIT

The amount a beneficiary receives when an insured individual dies.

CLAIMS

MATURITY DATE

A life insurance policy reaches maturity upon the death of the policyholder or when the period stated in the contract expires.

BENEFICIARY

An individual who is entitled to receive the benefits of an insurance policy. The policyholder declares his or her beneficiaries upon signing the insurance contract.

Rider Benefits

A rider is an add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost.

RISKS

Insurance providers project the risks that may occur to a policyholder. The providers usually calculate the risks based on factors such as age and medical history. Higher risk entails higher and more expensive coverage.

ENDOWMENT

A type of insurance that provides benefits both when death occurs during the term of the policy and when the insured individual is alive at the end of such a term

WHY SHOULD YOU GET A LIFE INSURANCE COVER?

• In the unfortunate event of your sudden demise, the future of your loved ones will be free of worry.
• The undisturbed continuation of your child’s education.
• Coverage of critical illnesses, should you or a family member contract a serious illness.
• A monthly income in the event you or a dependant were to fall victim to a total or permanent disability.
• To release you from your loan debts.
• To enjoy your retirement without being a burden on anyone.