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Term Life Insurance                Family Income Benefit                                    Edunet 

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Term Life Insurance       Supplementary Coverages              
Term insurance provides life insurance protection for a pre-specified period of time which can be from one to 30 years at a fixed premium rate. It pays benefits only if you die during the term. Some term insurance policies can be renewed when you reach the end of a specific period. The premium rates increase at each renewal date but then remain fixed for the new duration. Many policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates or simply to qualify for insurance.

Term insurance could be taken out for personal protection or to secure a credit such as a bank loan . When purchased for personal protection, the insured tends to designate family members to be the Beneficiary(ies). When purchased to cover a bank loan, the insured will generally designate the bank or the lending institution to be the Beneficiary.

To subscribe to term life insurance all you need to do is to complete an application form and a detailed medical questionnaire.  If you are applying for a large insurance amount, a medical exam, including blood chemistry may be required.
 
When purchasing term life insurance for durations of between 3 and 10 years, you will benefit from a Renewability Guarantee. This benefit allows you  to extend your coverage period at the end of the initial duration of your policy: in other words, on or about its anniversary period, you could renew your policy  without fresh evidence of insurability,  and  for the same period and policy amount you had originally insured your life for. You could continue to exercise this option until you reach your nearest age 70. Even then, you would still be able to extend your coverage for 5 years provided you had previously purchased a term plan with the  Renewability Guarantee; if so, your coverage will be extended by 5 years only.

 

Supplementary Coverages                                               

- Waiver of premium:

 

If,  during the period of validity of your policy, you have become totally and permanently disabled, the Company shall waive the premium payment for the basic policy so long as this disability continues provided that :

  • the onset of the disability occurs before you are closest to your 65th birthday and,
  • that the Total and Permanent Disability continues uninterrupted for a period of at least 3 months.

A detailed description of the Accidental Death benefit is available upon request.

 

 - Accidental Death & Partial Permanent Disability:

 

  • In case of Accidental Death, including drowning, this coverage provides for twice the sum insured. A detailed description of the Accidental Death benefit is available upon request.
  • In case of Partial Permanent Disability (PPD) and if you sustain specific injuries, which after six months are beyond any hope of improvement, this coverage provides a certain sum of money which is computed on the basis of the amount insured, and the extent of disability. The disability must be caused by severance or total functional loss of the use of limbs or organs of the body as specified in the continental scale of disabilities.  This scale is available on request.

 

  - Passive War Risk:

 

  • Death or permanent disability due to war risk is not covered under term life, unless the passive war option is selected. Passive war covers the risk of death or disability resulting from war, (whether foreign or civil), provided you are not an active participant in such events.

- Critical Illness/Dread Disease:

 

  • While the policy and this benefit are in force, this coverage provides you with  an amount of money should you be diagnosed with one of up to 20 life threatening illnesses. A lesser option covers only 13 illnesses.
    The benefit is available for purchase through age 55 and ceases  the date you are closest to your 65th birthday. You can choose for the benefit to be paid on top of the base life insurance coverage or as advance thereof.

 

- Total and Permanent Disability, " Any Occupation ": 

 

  • This coverage provides  a benefit in case of Total Permanent Disability of a nature to render you totally and permanently incapable of performing any work or occupation or work for remuneration or profit for a period of 6 months at least and thereafter. The Disability can result from sickness or bodily injury

- Total and Permanent Disability, "Own or Any Occupation:"

·         This cover is similar to the above except that the Disability must be of a nature to render you totally and permanently incapable of performing your own occupation or any other gainful occupation or work for which you are reasonably fit by your education, training or experience and provided you are not engaged in any other occupation either.

- Guaranteed Insurability Rider:

·         This coverage caters for the need for additional insurance by reason of the occurrence of specific events during the time the policy is in force. The sum insured can then be increased without fresh evidence of insurability. However the option to increase the sum insured can only be exercised within 30 days at the most of the occurrence of one of the following events.

·         Your wedding,

·         The birth of your first child,

·         The birth of your second child,

·         The Legal adoption of a child,

·         The date you purchase your first home.

·          Any of your birthdays which is divisible by the number "5"

- Family Income Benefit - Stand Alone                            

This product is a stand-alone policy. It pays a monthly income to the designated beneficiaries in case of the insured's premature death. Let us assume for example that you have applied for a $2,500 per month annuity under a 15 year contract. If death occurs during year 5 of the Contract, the company shall then pay your beneficiaries the sum of $2,500 every month and for the remaining term of the Contract, which is 10 years. This plan includes the payment of the permanent disability due to an accident, death caused a series of passive war risks as well as it pays the double of the sum insured in case of an accidental death.

 

- Edunet  


This plan provides for the payment of children's school tuition fees in case of  death or disablement of an insured parent or guardian.   The Company shall pay the annual tuition fees of one or more children as required by a certified tutor or which is set by a legally-registered educational institution. The cumulative tuition payments cannot exceed,  the policy sum insurance or benefit amount. The benefit does provide tuition fees for up to two repeated academic years.