What is a Term Insurance policy?
A pure life insurance policy that guarantees a death benefit upon the death of the policyholder with the rates of payments and periods of coverages being fixed (10, 15, 20, 25 & 70 years).
Benefits to you or your family
- An instrument of wealth transfer to your beneficiaries
- Get coverage from early as 18 years old
- Combined with a mortgage to protect your investment in a house
- The lump-sum payment can cover funeral and other expenses
- FREE inclusion to waive premiums if the insured becomes disabled
- Affordable fixed premiums for large coverage
Types of Term Insurances
| Straight Term Insurance | Term Plus | Decreasing Term |
|---|---|---|
| Fixed period of coverage | Fixed period of coverage | Fixed period of coverage |
| Fixed premiums | Fixed premiums | Premium payable for half of period coverage |
| Fixed amount of coverage | Fixed amount of coverage | Yearly reducing amount of coverage |
| Refund of 25% of premiums at the end of the period of coverage |
Requirements to be insured
- ID/Passport of the policyholder
- Proof of Address
- TIN
- Birth Certificate if insuring a child under 14 years old
- Medical Examination may be requested