Endowment
Endowment is similar to a savings schemes but is based on a life insurance cover. These policies are considerably more expensive than some other policies as their annual premiums are higher due to the shorter paying period.
Endowment insurance is paid out regardless if the insured is alive or has passed away after the specified period or at a specific age – for example 15 years or 60 year old.
Family income benefit
This is designed to be used as a main income earner replacement. What that means is if you are the main household income earner and you die the policy payout will be given in a way of regular payments instead of a one lump sum. This option needs to be locked in at the time of setting up the policy with your advisor/insurer.
Important Additional Benefits
During your search for the right life insurance for your personal circumstances you should consider the available additional benefits. These extra benefits will come to you at an extra cost but they are totally worth it.
Critical Illness cover
A payout will be triggered upon confirmed medical diagnosis of a critical or terminal illness. Some of the most common conditions covered in the benefits include but are not limited to (discuss the list and additional conditions with your insurance advisor):
| Alzheimer`s Disease | Stroke |
| Benign Brain Tumour | Permanent Total Disability |
| Aorta Graft surgery | Cancer |
| Coma | Motor Neurone Disease |
| Kidney Failure | Heart Attack |
| Heart Valve Replacement | HIV – AIDS (under certain circumstances) |
| Loss Of Limbs | Parkinson`s Disease |
| Paralysis/Paraplegia | Major Organ Transplant |
| Blindness | Multiple Sclerosis |
Waiver of premium – is an additional benefit which in a way is insurance for the life insurance. It may be available but will come at an extra cost. The reason to have it is in case of you having health problems that prevents you from working for some time but are not covered in any other insurance you may or may not have. The waiver of premium will pay your premiums for certain time.
Personalized Life Insurance Quotes