Life insurance is often a requirement when securing a bank loan.
You may choose from two types of life cover, the Loan Protection Life Insurance, known as the Decreasing Cover or the Level Term Life Insurance.
Decreasing Life Cover
Designed to reduce over the term of the policy, broadly matching the outstanding loan amount. As any potential pay-out decreases over time you will find the premium of a Loan Protection Life Insurance policy is lower-priced compared to a Level Term Life Insurance.
Level Term Life Insurance
We are often quick to insure our homes, cars and valuables, but we tend to overlook our most important asset – ourselves.
Should the worst happen to you or your partner how would your family cope?
Many base their life cover needs simply on the amount of their outstanding debt but as any monthly budget chart usually shows, the majority of one’s income tends to be spent on regular family living costs such as food, car expenses, school fees, electricity and water bills rather than just servicing loans. Clearly, in the event of death, these costs will remain for your family and should your children be young, it may be difficult for the surviving partner to continue to work due to the extra care your children may need.
An adequate life cover provides a cash lump sum as an extra cushion of security at such a critical time. It is worth adding up how much cover you have in place and working out how much you may actually need. Good life cover does not have to be expensive and you will usually find it is a lot cheaper than you thought.
Level Term Life Insurance provides a fixed amount of cover, known as the sum assured, which becomes payable if the death of the insured occurs within the term of the policy.
Level Term Optional Benefits
Subject to certain exclusions and different premium levels, and depending on time and age limits, we also offer the following optional benefits in addition to the policy main benefits:
Accidental Death Benefit
Offers payment of an additional death benefit to the beneficiary if death of the Life Insured occurs due to an accident. A claim on this additional benefit terminates the policy.
Accidental Death and Dismemberment Benefit
Offers a payment of an additional benefit to the beneficiary if death or dismemberment of the Life Insured occurs due to an accident. A claim on this additional benefit terminates the policy if the claim is made as a result of the death of the Life Insured but the policy remains in effect if the claim is made as a result of dismemberment of the Life Insured.
Permanent Total Disability
Offers payment of an additional benefit which covers the Life Insured in case of an injury which renders him/her unable to work in an own or any other occupation. A claim on this additional benefit does not necessarily terminate the policy.
Note: Life Protection plans only pay on death within the specific term of the policy, should the insured survive the duration of the policy, no benefits would be payable. These policies cannot be discontinued for cash or converted to a paid-up policy. The Perla Unit-Linked plans are life assurance policies which are tied to a number of funds. These funds and the income from them can go down as well as up and is not guaranteed, and the investor may not get back the amount originally invested especially if the plan is surrendered within 5 years from its commencement date. Past performance is not necessarily a guide to future performance. Changes in the rate of exchange of currencies, particularly where overseas securities are held, may also affect the value of your investment.
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