Protection Policies (Pure Life)
These include whole life plans, term policies, and universal insurance policies. They provide a lump sum payment benefit in the event of the specified event (death or disability). Click here to request for a quotation.
A). Term Assurance
Term Life provides protection against loss of life for a specified period. The policy does not build up a cash value. It is less expensive but becomes pricey with age.
If the insured dies before the term expires, the insurer compensates the agreed sum assured (death benefit) to the nominated beneficiary. If the policyholder outlives the policy term, no death benefit is paid out. You may however renew a term policy upon expiry of the term but the new premiums will be adjusted to your current age. Mortgage insurance is an example of term life insurance. Contact us to buy mortgage insurance.
B). Whole life Insurance
Whole life provides life coverage for the duration of one’s life. This means that the policy does not expire like in the case of term assurance. The sum assured is paid out at the end of the term regardless of whether you live or pass on.
Whole life also includes a savings component to boost the maturity value at the end of the policy term. The policy builds up a cash value over time from which you can borrow or surrender after a specified period. You can also participate in the insurance company’s surplus and receive periodic dividends. As a result, insurers’ charger higher premiums compared to term life insurance.
Whole life insurance is tailor-made to accomplish long-term goals, to protect your wealth. it would be wise to keep up with it until the end of the term. Whole life is ideal for both young and older people as it is cheaper and easy to maintain for a long time. Click here to get a quote for a whole/pure life insurance.
Whole life plans are ideal for long term unforeseen events like post-death expenses and the bereaved spouse income responsibilities.
C). Universal Life Insurance
Also known as, an “adjustable life insurance,” universal life presents more flexibility as opposed to whole life plans. You can increase or reduce your death benefit as well as pay premiums in any amount (subject to company limits) after making your first payment.
The sum assured is also adjustable subject to medical examination underwriting. But, you need to pass a medical examination to qualify for this benefit. Similarly, you’re allowed to reduce your cover to the minimum sum assured without surrendering your policy. Surrender charges apply against the cash value.
Accidental death insurance is a limited cover for the insured in the event of accidental death. These policies are cheaper than conventional life plans. Accidental death cover can also complement life insurance as a rider. If a rider is selected, the policy pays double the sum assured if the insured dies because of an accident.
Riders enhance the insurance policy at a separate fee. These riders adjust the main policy to provide a desired feature by the policyholder. A common rider is a premium waiver, which renounces future premiums if the assured becomes disabled.
At Bismart, we significantly take into consideration all your financial needs and concerns. We have collaborated with all the key insurers to provide you with coverage best suited for your investments. We take care of all the contractual details like reading through available covers from different companies. Once you settle down on the choicest coverage, we have online chats to help you fill out the proposal forms at your convenience.
At Bismart, we give all our clients the undivided attention due to them, according to their immediate needs. Contact us today, we will save you the trouble of shopping around because we provide you with the top 3 options available from different insurance companies.