Life Insurance offers peace of mind and financial security to your family when it matters most. Our consultants are trained in line with international standards to ensure each individual client is provided with sound advice and unrivalled service at all levels.
We are here to help you get the best out of insurance, so you can focus on getting the best out of life.
Whatever your personal or business needs, we are on hand to listen and answer your questions. If you have any queries or would like to discuss our services in more detail, contact us for personalised advice from our team of friendly and experienced experts.
Life Insurance explained:
The policyholder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Specific exclusions are often written into the contract, to limit the liability of the insurer; common examples are claims relating to fraud and war.
Life-based contracts tend to fall into two major categories:
- Protection policies, which are designed to provide a lump sum payment, in the event of specified event.
- Investment policies aim to facilitate the growth of capital by regular or single premiums.
Term insurance provides coverage for a specified term or period of time. If the insured dies during the time specified, the policy is activated and the lump sum will be paid. The policy does not accumulate cash value.
Level Premium Term
Level premium term life insuranceprovides coverage for a specified duration of time, however it only pays out a death benefit, and has no savings component. Therefore, when looking at level premium insurance, you should carefully consider the length of coverage best suited to your needs. For example, if the primary purpose of the death benefit is to provide income to support very young children and/or fund college expenses, a 20-year level premium might be appropriate. However, if these children are already in their early teens, you may need only a 10-year level premium.
Mortgage life insuranceis specifically designed to protect a repayment mortgage. If the policyholder were to die while the mortgage life insurance was in force, the policy would pay out a capital sum to repay the outstanding mortgage.
Permanent Life Insurance
This type of life insurance does not expire, and combines a death benefit with a savings portion, so the policy accumulates. This savings portion can build cash value, which can be withdrawn or borrowed against.
There are five basic types of permanent insurance:
- Whole Life Coverage
Whole life insurance provides lifetime death benefit coverage for a level premium.
- Universal Life Coverage
This new policycombines permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values.
- Limited Pay
Another type of permanent insurance is limited paylife insurance, where premiums are paid over a specified period, commonly 10 or 20years, after which no additional premiums are due.
Endowments mature and are paid out after a predetermined period (e.g. 20 years) or at a specific age (e.g. 75 years old), whether the insured is alive or has already passed away.
- Accidental Death
Accidental death insurance is a limited life insurance that is designed to cover the insured only if they should they die as the result of an accident. This type of policy can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident.
Group Life Insurance
Group life insurance is offered by businesses to their employees and members and is a valued part of any benefits package. Whether you are an SME, large corporation or international chain, Juelmin has the right policy for you. For more information about insuring your employees, please contact us.