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Life Insurance
Life Insurance helps to safeguard a family’s financial future in the event of the death of the bread winner.
Individual
Covers the cost of private healthcare, from diagnosis to treatment, in a network of private hospitals/facilities. Local and international health cover is available, depending upon your needs.
This offers a life-time protection to the insured. The insured selects how they would like to pay premiums. It could be throughout their life, or until age 80 when premiums cease and cover still effective and on force.
This offers protection only for a period which is agreed upon by the insurance company and insured. The insurance company will pay out the full sum assured if the insured passes away within the insurance period. There are no benefits that are payable if the insured is still alive when the policy matures. This is the simplest and most affordable form of life insurance since it provides life cover only with no investment benefits.
Critical Illness Insurance policy provides a lump-sum benefit that helps alleviate some of the financial stress that may result from being diagnosed with a Critical Illness. With extra financial protection during your recovery, you are able to spend less time worrying about your finances and more time concentrating on getting well.
‘But I have Health/Medical Insurance cover. Do I still need to take a Critical Illness cover’ You might ask. Below are some of the reasons or other financial costs that will drive you to consider taking the Critical Illness cover.
First and foremost, the cover pays lumpsum directly to you. So that if you have a sufficient health cover, then you can do the following with the money:-
- Pay rent or mortgage.
- Pay for childcare costs.
- Replacement of spousal salary.
- Private nursing or rehabilitative services.
- A getaway to help recharge.
- Anything else you may need or want.
Life Insurance for Companies/Corporate and SME’s
This is an employer sponsored health cover, to its employees and in some cases, it is extended to the dependents of the employee. With access to such a policy, it is possible to get insurance coverage for medical treatment as well as hospitalization if you suffer from an accident or illness.
Group Life Insurance supplies each employee with their own life insurance policy, ensuring that in the event of their death their family and loved ones are taken care of.
A key advantage of group life insurance for businesses is that the group members can get coverage at a lower rate than if they bought an individual policy. It is viewed by employees as a valuable benefit and helps to reward and motivate staff, thus improving productivity and retention.
Key Person cover is life insurance that a company purchases as protection against the death of an employee whose contribution to the business is critical. This could either be a business owner or a key employee, whose immediate absence through death would have a negative impact on the business. Key Person Insurance helps your business to cover the financial losses, such as hiring a replacement, making up any losses incurred or paying off debts or severance packages if the business needs to close. Fundamentally it ensures that business can continue uninterrupted and that all the employees who depend on the business have a secure future.
If you have a business partner, you may want to consider purchasing a buy/sell agreement. In this arrangement, you and your business partner will own policies covering each other’s lives. If the first business partner passes away, the other receives a death benefit that can be used to buy the remaining half of the business. This results in a cash payment to the deceased’s family, as well as security for your business to continue operating without any external influence.