Frequently Asked Questions
Why do I need Life Insurance?
We all carry Financial Liabilities in our lives whether we are Single, Married or Living together as a Couple. When you take out a Life Insurance Policy or Funeral Plan it will be paid out Directly to your Beneficiary. This Pay out will be used towards the Expenses YOU may have left behind Eg. Your Funeral Costs, Your Personal Loan, Your Car Repayments and Your Outstanding Debts.
Life insurance aims to provide a solution for those unexpected Fees and Costs, when YOU, Your Spouse or your Partner are not there to Continue Financially.
That’s the RESPONSIBLE thing to do.
Here are some other reasons why people take out Life Insurance: To Replace Their Household Income, Mortgage Bond Protection, Estate Planning (Legal Fees and Costs) or just leaving a Legacy for The Financial continuity of your Dependents.
How does the Insurance Company determine my premium?
Your monthly Premium Rates are Calculated based on factors such as your Job Occupation (High Risk or Low Risk) Age, Gender, Health Status (smoker or non-smoker) and Current Medical Condition based on your (Body Mass
Index – Height and Weight).
What is Short Term and Long Term Insurance?
Basically Short Term Insurance refers to your Car and Household Cover, Funeral Policies for which you pay a Premium on a month to month basis via a Debit Order. Long Term Policies refer to your Life Cover, Bond Cover and Retirement Savings. These Financial Products have a longer term attached to it.