Term life insurance

A term life insurance policy is policy that pays out to the insured person’s beneficiaries as long as the insured person passes away within the fixed term specified in the term life insurance policy. For example, a 10 year term life insurance policy would pay out only if the insured person passed away within the 10 years.

Growing Term life insurance

A growing term life insurance policy is policy that pays out to the insured person’s beneficiaries as long as the insured person passes away within the fixed term specified in the growing term life insurance policy with a pre-defined growth rate of the face amount.

Decreasing Term

Often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. While the premium stays constant over the term, the face value steadily declines. Once the credit is paid off, the insurance is no longer needed and the policy expires.

Endowment insurance

is a life insurance that guarantees a sum of money payable to the insured if he/she is still living on the policy's maturity date, or in case of an untimely death pays out to beneficiaries if he/she passes away within the fixed term specified in the insurance policy.

Rider Definition

A number of supplementary benefits can be added to the various forms of life insurance policies. The most common benefits are

Permanent and Total Disability

if the insured is disabled, the insurer will pay a lump sum amount of money to the policy owner. Generally speaking it means that because of a sickness or accident the insured is unable to work in their own or any occupation for which they are suited by training, education or experience. They may, for example, be paid where they have a permanent loss such as eye sight, legs, and arms due to accident/illness and subsequently will not be able to return to work.
PTD cover means you can at least protect against financial adversities as you adjust to a new way of life.

Accidental Death Benefit

If the insured dies as a result of an accident, the insurer will pay an amount of money in addition to the basic death benefit provided by the life insurance policy.

Waiver of Premium for Disability Benefits

The insurer waives its right to collect premiums that become due while the insured is totally disabled.

Disability Income Benefits

The insurer provides a monthly income benefit to the policy owner insured if he/she becomes totally disabled.

Family Income Benefits

The insurer provides a monthly income benefit to the beneficiaries for a fixed period specified in the insurance policy if the policy owner passes away.

Critical Illness Benefits

The insurer agrees to pay a lump sum amount to a policy owner insured who suffers from one of a number of specific, critical illnesses such as stroke, renal failure, heart attack, heart valve replacement