Life insurance (or commonly final expense insurance or life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits
There are different types of Life Insurance such as:
- Term Life Insurance
- Funeral Expense Insurance
- Permanent Life Insurance
Term Life insurance
Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. Premium are guaranteed for the term you select: 5, 10, 20 or 30 years. After the term you have the option to renew the policy o convert to a permanent Insurance without any medical evidence. Jeimy
Funeral Expense insurance
Give your family peace of mind and support, in the most difficult of times and when they need it the most.
Life Insurance for Funeral Expenses helps your family cope with the unexpected loss of life.
- 18-80 years can apply
- No medical exam, No needles
- No family history question
- Guaranteed Life Insurance
Permanent Life Insurance
Permanent life insurance pay out a benefit in all cases, the premiums are much higher than for term insurance, which can be regarded as pure death benefit with no investment element. Thus many people select term insurance for its low cost, and they may invest the difference in separate investments. Another commonly used tactic is to utilize the slow, steady, growth within the cash value of permanent life insurance as a conservative savings strategy to hedge against the risk of the market.
There is different types of permanent insurance
- Universal Life
- Whole Life
Critical Illness Insurance
It is an Insurance that provides tax-free, lump sum payment when you are diagnosed with one of the specific illnesses covered condition, as defined in the contract, and survives the survival period.
Who needs critical Illness coverage? Every one needs Critical Illness Insurance. What Illnesses are covered?
It depends of the contract and the insurer; but they include:
- Alzheimer’s disease
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumor
- Cancer (life-threatening)
- Coronary artery – bypass surgery
- Heart attack
- Heart valve replacement
- Kidney Failure
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ transplant
- Major organ failure on waiting list
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Parkinson’s disease
- Severe burns
- Stroke(cerebrovascular accident)
Call us today to get more information and a free with no obligation quote. We are here to help you.