Life Insurance

FAQ

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FAQ


  1. What is Life Insurance?
  2. Why should I buy Life cover plans?
  3. How much cover should I opt for?
  4. When will my family get the compensation amount?
  5. How much will life cover cost me?
  6. How are life cover plans any different from health insurance plans?
  7. Do I have to pay an excess for life insurance?
  8. Can I choose between levelled and stepped premiums?

     
     

 

What is Life Insurance?
Life insurance covers offer compensation to the buyer’s families when the buyer passes away. Life covers basically insure the policy holder’s life for a certain amount and buyers have the option to select the insured amount.

Why should I buy Life cover plans?
Life cover plans are meant to help secure their family’s future financially. If you have dependants in your family, friends that need your assistance or if you are earn more than $20,000 a month then life cover plans are ideal for you.

How much cover should I opt for?
Experts often advise buyers to buy a plan that insures at least 10 times their annual salary. Buyers are also encouraged to buy the maximum insurance amount they can afford since this will help their family in the future.

When will my family get the compensation amount?
The policy holder’s family will be given the compensation amount 7 -14 days after the policy holder passes away. Life cover plans only cover natural deaths or accidents and not suicides.

How much will life cover cost me?
Life insurance costs between $20 – $60 a month. There are various factors that determine the cost of a life cover plan and these factors include the age of the buyer, the smoking status of the buyer, the health status of the buyer and the insured amount.

How are life cover plans any different from health insurance plans?

Life cover plans protect the buyer’s family financially and pay a lump sum amount after the death of the policy holder. Health insurance plans only reimburse for medical bills when the policy holder falls ill or is injured.

Do I have to pay an excess for life insurance?
No, policy holders do not have to pay an excess of this type of insurance. Policy holders only have to pay premiums every month or year to enjoy the benefits of the selected policy.

Can I choose between levelled and stepped premiums?
Better insurance plans allow buyers to choose which type of premium they want to pay where as cheaper plans are not flexible. Some insurance companies also give buyers an option to select a unique type of premium plan, known as the blended premium plan. This type of payment plan combines the benefits of both stepped and levelled plans. Blended premium plans are usually offered to buyers who select better policies.


   




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