Life insurance, generally speaking, is a contract between an insurance policy holder and an insurer or provider. In exchange for the policyholder’s premiums, the provider promises to pay out a designated sum of money to the policyholder’s designated beneficiaries should that person pass away.
Term life insurance is a typical type of life insurance that provides a set sum insured at a fixed rate of regular payments for a limited period of time. If the person insured is to pass away during this period, the provider will pay out the agreed sum, but not after the term has finished. It is very cost effective at insuring the risk of death while house payments are being made, kids are going to college or simply until age of retirement.
Yes, all of GMS’ policies have the option to cancel at any time. The term simply represents the period of time the premiums have been fixed for and does not mean you are locked into any contract of payments.
Unit Linked Life Insurance is a product offered by insurance companies that gives the investor both insurance and investment under a single integrated plan. With unit linked life insurance the fund may either grow or diminish depending on the growth/decay over time. If decayed, then a higher premium will have to be paid.
Whole of Life (WOL) insurance is a type of policy which is guaranteed to remain in force for the insured’s lifetime provided required premiums are paid and up to date. Premiums are fixed with age and significantly higher than those of a term life policy, however they do assure that money can be passed down.
No it does not have to be. Most commonly Whole of Life Insurance is associated with unit linked policies however GMS have access to risk-only whole of life policies which are far more cost effective.
Life insurance is a crucial product for any individual with family members or others (dependants) depending on their income for housing, schooling, food, transport and life’s other basic necessities.
No it does not have to be. Most commonly Whole of Life Insurance is associated with unit linked policies however GMS have access to risk-only whole of life policies which are far more cost effective.
Depending on what health you may have, your premiums may stay the same or increase. Many more serious health conditions are likely to raise your premiums, whereas some less serious conditions won’t affect your premiums at all. If premiums are increased due to a health condition, then this is known as ‘loading’ and is usually based on a %.
Yes, in the eyes of an insurer, a person that smokes is far likely to pass away sooner than a non-smoker thus with most products, non-smokers can expect a 50% discount on their life insurance.
Your occupation can have an impact on how much you pay for life insurance. Generally higher risk jobs will have higher premiums than a lower risk job and is represented by a ‘loading’ that is based on a %. High risk occupations include: loggers, fishing, pilots, oil riggers, police officers, construction or other jobs at heights or below ground, laboratory work, working in mines and those working with dangerous chemicals.
Many expatriates are lucky enough to have housing, transport and education provided during employment thus leaving a lot more at risk if the expat is bringing in the majority of the family’s income. Also, it is not uncommon for expatriates to periodically move to various locations around the world in their working career. Finding a product that is truly portable with fixed premiums regardless of moving locations can save a lot of time and money.
It is not uncommon for expats to periodically move to various locations around the world in their working career. Finding a product that is truly portable with fixed premiums regardless of moving locations can save a lot of time and money. Also many expatriates are lucky enough to have housing, transport and education provided during employment thus leaving a lot more at risk if the expat is bringing in the majority of the family’s income.
Try and calculate your dependants needs as of tomorrow if you were to be taken today. How much to purchase accommodation, how much will school fees cost for the next x amount of years and other costs that will need to be paid. Depending on your situation you may choose to pay a high premium to insure a higher sum to protect your dependants further, The larger the sum assured, the easier it will be for your dependants survive and flourish.
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