do I need a life insurance?
Are there any benefits when am still alive? Many times, we have come across these question from our clients.
A life insurance is an insurance product that covers and protects you and your loved ones when you are no longer there to provide for them.
When death occurs in a family, it does not only devastate the emotions but also negatively impacts the future of the family’s financial security.
Imagine an unfortunate event when you are not there anymore and your family has no other source of income.
Even paying for your child’s school education or mortgage becomes much harder. When you buy a life insurance, you are securing the financial future of your family.
A Life Insurance with Curiman Brokers Group serves as a promise that we will pay those a particular sum of money to those who depend on you upon your demise. In return, you will be required to make monthly, quarterly or annually payments for the cover. These payments are termed as premiums.
The number of premiums payable may depend on gender, age, medical history as well as the sum of the life insurance you choose.
In the event that you pass on, life insurance will provide money to you beneficiaries whom you are required to select.
This money can be used to replace the lost source of income, cover basic daily expenses, pay debts and estate taxes, fund your children’s’ education and supplement your retirement savings.
There are two main types of life insurance, i.e.
• Term Life insurance
• Permanent life insurance
Term life insurance
This type of life insurance pays a particular sum of money to the beneficiaries for a certain period. Often, this period ranges between 1 to 20 years. Once you stop paying the premiums, your insurance stops.
Term life policies usually pay the benefits of the policy in the event that you die within the period in which it (policy) is covered.
Before you purchase a term life insurance policy, ensure that you buy a valuable coverage at rates that you are comfortable with. Find out if the policy will help you to cover for certain financial obligations exemplified by college expenses or mortgage.
Permanent Life Insurance
This type of insurance policy does not expire. Permanent life insurance policy intends to protect the ones you love permanently as long as you are consistent in paying your premiums.
Unlike term insurances, some permanent insurance policies may accumulate cash value, which implies that the value of your policy grows every year. One may access this cash through withdrawals or loans.
We do everything for the one we love not because it is our duty, but because we want to secure their future. Whether you need a term life insurance or a permanent life insurance.
Curiman Brokers Group is here to guide you. Once you have the right cover for your loved ones, you will be happy knowing that the future of your loved ones is secure, even when you are no longer there.
Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
The policy holder typically pays a premium, either regularly or as one lump sum.
Other expenses (such as funeral expenses) can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events.
Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.