The protection policies available through us
Life Insurance
Covers against: terminal illness or death
Benefit: Lump sum
Should your die, life insurance will provide a tax-free lump sum to your dependents. Life insurance is also called term insurance. There are two ways by which it can be arranged:
Decreasing Term Assurance: This kind of policy will pay a lump sum if death occurs, but the amount of money that is paid reduces as time goes on. These policies are good when they are taken out along with a repayment mortgage so the total amount paid remains the same or is close to the amount that is left on the mortgage. As the length of the policy increases, the amount of cover reduces so the premium for this kind of insurance is cheaper than the other type.
Level Term Assurance: In this kind of policy, the amount of cover or sum assured is the same throughout the duration of the policy. This policy is usually taken out to help pay off a mortgage and it is best for interest only mortgage where the amount that is owed does not reduce as time goes on.
Covers against: Critical illness
Benefit: Lump sum
Critical illness assurance gives one a tax-free sum in the case that one is diagnosed with any of a list of critical illnesses. The lump sum received can be used any way you want but it is usually meant to take the burden off you when you can’t work during this difficult time of your life. Critical illness assurance can reduce during the duration of the mortgage or it can remain the same.
There could be added benefits like free critical insurance cover for your kids
Covers against: Death or Terminal or Critical illness
Benefit: Regular income
Family income benefit is paid out if a death occurs but it is usually paid as a regular tax-free income till the insurance policy ends. This kind of policy is good for those that want to receive a regular income rather than a one-time lump sum.
There can be added benefits like hospitalization benefit which will pay out a lump sum if one is in a hospital for a period of at least 28 consecutive days following an accident.
Covers against: Injury or illness
Benefit: Regular income
Should an accident or sickness occur, income protection insurance pays out a monthly income that covers a percentage of your salary. At the beginning, you can decide the deferment period (how many months before the policy will pay out) and the benefit period (how long it will continue to pay). This can be done until you reach retirement age, the policy term ends or you are well enough to return to work.
Income protection insurance will provide you with a stable income that will help you take care of your day to day expenses if you have an accident or you have an illness and you can’t work.
The Kind of Protection That is Good for You
The kind of protection that fits you the most depends on your specific needs. Factors like your marital status, the number of kids you have, your employment status and other things will determine the kind of insurance cover that you should go for. Our team of dedicated insurance experts will work to select the best kind of cover for you so that you are properly protected.