Life Insurance - Let’s talk
- imagekypkgn
- Dec 14, 2020
- 2 min read
Updated: Jan 27, 2021
Indeed, life insurance, is an important aspect of living as it offers numerous benefits to individuals and families. There are five major benefits of Life Insurance:
Protection
Saving & Investment
Critical Illness
Retirement / Pension
Valuable collateral
Let’s explore!
Life Insurance offers Protection Option – In essence it can provide financial support to your family (the beneficiaries) when you die, in other words ‘’money to replace your current Income to support your dependents’’. There are many different plans designed to suit your current lifestyle while affording the death benefit. EG; Ultra-Life, Ultra Lifeline, Sagi Gold and or Total Woman
Life Insurance can be used as a Saving or an Investment Option – Life Insurance can be seen as a consistent and Systematic Savings Programme where money is accumulated over a long term while, for the Investment option it provides attractive returns one’s investments. Additionally, it can also be used as an Education plan for the future of your children and their tertiary education
Some of the possible examples of plans to suite these needs are; Sagi Gold Accumulator and Solid Investor.
Life Insurance covers a Critical Illness Option. Research shows that 1 in 4 persons will be develop a Critical Illness before the age of 65. This plan will offer a lump sum benefit that would cover up to 30 different illness at first diagnose. It can also be used to cover Indirect related expenses to a critical illness such as loss of wages, travelling for treatment, hiring a caregiver or switching to a special diet while fighting the illness. Some of the possible examples of plans to suite this need are; Critical Illness Protector, Triple Protector, Maximum Protector and or Ultra Lifeline
We all want to maintain a similar or as close to similar lifestyle that we used to have while we were working, when we retire. Purchasing a life insurance plan that incorporates an element of Pension planning would assist with this. The plan can then be used as retirement income to guarantee a greater degree of financial independence upon retirement. Therefore, income received from other means like children or grandchild would be as a supplement to your pension. Some of the possible examples of plan to suite this need are; Sagicor Lifestyle and Sagi Gold Accumulator
Finally, Life insurance can be used as Valuable Collateral Option. In essence, it can assist when seeking to secure personal or business loans or even a mortgage. Furthermore, if you die while the loans are still subsisting the proceeds of your life insurance can be applied to the debt with the balance going to your family (the named beneficiaries). This gives your family one less debt to worry about in arranging your affairs and ensures the investments such as a house is not lost to creditors due to a default in payments.
Some of the possible examples of plan to suite this need are; Ultra Life, Sagi-Gold Accumulator, or Maximum Protector
So, there you have it!
These are some of the key benefits of insurance in a nutshell. For more information on Life Insurance you can contact Vice President Shauna at 876-310-6466
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