What is a Life Insurance
A financial safety net
It provides peace of mind to your loved ones, knowing they’ll be supported both now and in the future.
Life insurance offers a one-time, tax-free payment to your chosen beneficiaries upon your death, provided you keep up with your premiums.
There are various types of life insurance and ways to tailor it to your needs. It's not just about protecting your family—it can also play a role in your financial plan, allowing you to access funds from your policy while you're still alive.
Life insurance is essential to protect your loved ones in the event of your death. It ensures that your family has the financial resources to maintain their lifestyle, cover living expenses, pay off debts, and fulfill future goals like education or retirement.
We offer a variety of life insurance policies, including:
Term Life Insurance: Provides coverage for a set period, typically 10, 20, or 30 years, with affordable premiums. It’s ideal for temporary needs like mortgage protection or funding your children’s education.
Whole Life Insurance: Offers lifelong coverage with the added benefit of accumulating cash value over time. Whole life insurance is perfect for individuals looking for long-term protection and a legacy to leave behind.
Universal Life Insurance: A flexible option that combines life insurance protection with investment opportunities, allowing you to adjust premiums and coverage as your needs change.
There are 2 basic types of life insurance coverage: term and permanent.
Each has unique features designed to meet different needs.
| Term Life Insurance | Permanent Life Insurance | |
|---|---|---|
| Duration of protection | temporary | long-term |
| Features | income replacement , may cover debt and funeral costs | income replacement , may cover debt and funeral costs , builds wealth and estate planning |
| Investment option | no | yes |
| Cost | lower cost | higher cost |
How much insurance coverage is necessary?
It’s important to ensure that your debts are paid off, so your loved ones aren't left with significant financial burdens.
Consider the following factors when determining the right amount of coverage:
- Your income
- Net worth
- Family needs
- Outstanding debt
- Existing insurance coverage"
What’s the cost of life insurance?
The price varies based on the type of coverage you select. Typically, term insurance is less expensive than permanent insurance. However, several factors influence the cost of your policy, including:
Age
The younger you are , the less amount of premium.
Health
Your family history, lifestyle , medical conditions and even hobbies can be factors in determining your premium.
Gender
Insurance costs less for women , as by statistics , women have less probability of death than men.
Occupation
If you have a dangerous job, your insurance costs can be higher.