Life Insurance

Life Insurance is designed as a cost effective way of protecting dependants against the financial difficulties faced by the death of a loved one.

It is essential for any individual who has financial, family or business commitments.

All of the Term Life Insurance companies that we deal with include a Terminal Illness benefit as part of their policies. This pays the Life Cover in advance should you be diagnosed with a Terminal Illness and given less than 12 months to live.

Life Insurance is able to attained between the ages of 11 and 75, dependent on which company you decide to insure with. Options are also available to have set premiums, increasing sums insured, and protection for future insurance, depending on your requirements.

What You Need to Consider for Life Insurance

The main factor you need to consider for a Life Insurance policy is the level of your Sum Insured. In general terms you need to consider covering:

  • Major Debt: a mortgage, hire purchase or credit cards.
  • Family Protection: ensuring that the standard of living of your family is maintained, by covering living expenses and educational needs.
  • Funeral & Estate expenses.

We have an easy-to-use Calculator that will help provide you with a sum insured estimate applicable to your situation. If you feel that you need further clarification, or have a situation that does not fit the calculator, please feel free to contact us.

You also need to decide how long you think you will need the cover for. Do you have long-term debt that requires long-term protection, or are you looking for cover for a couple of years until your teenage children leave home? The length of time you need the cover for should affect the way you structure your life insurance.

You should also consider that Life Insurance needs continually change. Your debt levels may be different now than they were 5 years ago, you may have children or your children are older.

Facets of Life Insurance

The majority of Term Life Insurance policies are very similar in nature. They are designed to pay out a lump sum or monthly income upon death of the insured. Listed below are some of the benefits that our Life Insurance companies can offer to customers.

CPI Adjusted: CPI stands for Consumer Price Indexed. This means that you can have your sum insured adjusted to increase with inflation if you so wish.

Terminal Illness Benefit: this is standard for the majority of Life Insurance covers. If you are diagnosed with a Terminal Illness and given 12 months or less to live, the Life Insurance company is able to pay your sum insured upon diagnosis.

Special Events Increases: some Life Insurance policies provide this an automatic benefit. In general terms if you buy a new house, get married, have a new child, you are able to increase your existing cover by a certain percentage, no questions asked.

Funeral/Bereavement Support: many policies offer this as an automatic part of your insurance. This benefit allows for payment of a portion of Life cover for funeral expenses and support as soon as possible.

Future Insurability: this is generally an optional benefit on a policy, and is of similar ilk to a Special Events increase. By exercising this option you are able to increase your sum insured with no forms to complete at specific periods in the life of the policy.

Premiums

There are a number of different ways that you can structure the premiums of your Life Insurance to suit both your current and future needs. Generally the premium structure needs to take into account the length of time you are likely to require the insurance.

Stepped or Rate for Age: this is the way that many people have their Life covers structured. Life Insurance premiums are based on your age and sex, which means under a stepped or rate for age policy, the premium increases annually as you get older.

This type of premium structure is ideal for short-term needs of life cover. The increase within a 5 to 7 year period is reasonably negligible.

Level Term: this type of premium is becoming more and more popular with people wanting certainty in premium. A Level Term Premium would suit you if you consider your life insurance needs to be greater than 10 years, or if you need to know that what you pay now, you continue to pay in the future.

Level Term premiums vary depending on the company, but tend to be in the range of anywhere between ten years to age 80. This means that for the period you select, the premium you pay now will be identical to the premium at the end of the period, regardless of how old you are.

What We Offer

The following is a sample of the Life Insurance products that we can offer.

  • AIA Life Cover (.pdf file, 159KB): Note that AIA has recently rebranded to AIG Life. We will be updating their policy brochures as soon as we can. Provides a lump sum paid in the event of death. Essential to protect your family, your business or any other financial commitments you may have.
  • Fidelity Life Cover (.pdf file, 107KB): Provides security for a wide range of financial commitments by paying a lump sum on your death.
  • Sovereign Life Cover (.pdf file, 214KB): Provides a lump-sum payment in the event of death. It is essential for those with family, business or other financial commitments which could be placed in jeopardy in the event of death.