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Individual Life Insurance order in Lagos
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Individual Life Insurance

Individual Life Insurance

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Nigeria, Lagos
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Description
asically, there are three different classifications of life assurance policies: Term assurance, Whole Life and Endowment.


TERM ASSURANCE: It is the most basic form of insurance. It is the cheapest and taken out as a means of insuring against the possibility of death within a specific period. The contract provides that the life office will only pay out the sum assured if the life dies during the term of the policy, i.e. before the expiry date. Therefore, the premiums (i.e. considerations) payable are solely for the purpose of providing cover as a form of protection. Term assurance has to surrender value. The different variations of term assurance are level, renewable, convertible, increasing, decreasing and family income benefits. Term assurance policies are taken out for family protection, loan protection, and key person insurance.


WHOLE LIFE POLICIES: a whole life policy is a policy, which pays out a sum assured whenever the life assured dies. It is a permanent policy, not limited to an expiry date as in a term assurance. Because it is certain that death must occur, premium is more expensive than term assurance. Whole life policies are substantive policies and can be used as security for a loan. The policy can be issued with or without profit, i.e. without or with profit whole life policies. Bonuses are added to the sum assured of with profit policies. Furthermore, whole life policies can be limited or unlimited premium. With limited premium means premium ceases at a specific age, e.g. at age 80 or 85 and without limited premium means premium is paid throughout life. The limited premium is more expensive.


ENDOWMENT POLICIES: the sum assured is payable on a fixed date (the maturity date) or on the assured's earlier death. It is a mixture of investment and life cover over a specified period. Because it is certain that payment is made at some stage, endowment assurances are substantive contracts and have cash-in (surrender) values and can be used for security for loans. Premiums are more expensive than whole life policies because claim payments are generally made earlier. Like in whole life policies, endowment can be issued with or without profit.
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Individual Life Insurance
Individual Life Insurance
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