Insure yourself, your life, your family and your belongings

Benefits

• Individual life policies provide a payout if the insured either dies (primary reason), is disabled or suffers certain critical illness. There are various types of individual life policies taken against the life of the assured. However, they come in two core forms: ‘pure risk’ or ‘pure risk plus savings/investment’
  
  
• A pure risk policy pays out only when a death, disability or critical illness (if covered) occurs. A pure risk plus savings/investment plan pays out if any of the above events occur, and, if none of those events occur, it pays out a defined amount on maturity of the policy. This resembles a bank saving accounts but differs only in the life assurance protection of the main member. Other versions of such policies pay out on both cases  (an event occurring throughout policy lifetime and again on maturity)
  
  
• Premium for such policies depend on the length of the plan, amount required as a payout on death/disability and on maturity, age of the assured and the current medical condition of the assured. Premium can be paid monthly, quarterly, semi annually or annually. Some policies come with a ‘premium waiver benefit’ which gives the ability to continue receiving policy benefits without paying premium should an event occur throughout the lifetime of the policy
  
  
• The payout from a life policy can be used for different purposes by the beneficiaries. Some common life assurance plans are the ones targeted to cover for education cost of the children left behind and seem to be very attractive compared to other types of life plans. Education policies however are not the only life policies one can buy
  
  
• Life assurance is also a way to transfer wealth to the next generation. Good financial planning can assist an individual to provide for future protection against risks from achieving certain goals and also transfer wealth (sometimes with tax savings)

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