Whole Life Assurance policy is a type of insurance that provides insurance coverage of the contract holder for his/her entire life. In other words, it does not have any form of maturity benefit. It only pays an agreed benefit (The Sum Assured) to the beneficiary of an assured after the assured must have died.
THE BENEFITS
- Family protection cover for the entire life
- Tax advantages
- The policy can be used as a collateral for any facility obtained
- It guaranteed peace of mind
- It is the cheapest and affordable form of insurance
- If death occurs, the policy pays the sum assured to named beneficiaries chosen by you.
THE FEATURES
- A yearly renewable contract
- Minimum age at entry is 20 while the maximum age at entry is 60
- The duration of this policy usually a function of how long the life assured lives. That is the duration is a life time.
- Premium payment stops at a specific age chosen by the assured, say 45, 50, 55, 60 or 65.
- Note however that the longer the age at which the premium payment will cease, the cheaper the premium payable.
- If after the premium payment has ceased, the assured is still alive, the policy will be in force until the life assured dies before the benefit becomes payable to the named beneficiary(ies)
- There is no policy loan available under this policy.
- This plan does not acquire surrender value
- The policy has no maturity date
- The premium payable under this type of policy is determined by the following factors
- The Sum Assured selected by the assured
- The Date of Birth of the assured, and
- The Age at which the Life Assured would like to stop premium payment
To purchase policy or get more clarification please contact us:
Tel: 08036411416 or 08023782509
Email: bayomutualbenefit@gmail.com or omotoshoa@gmail.com
Address: 38 Community road akoka, Yaba, Lagos
Tel: 08036411416 or 08023782509
Email: bayomutualbenefit@gmail.com or omotoshoa@gmail.com
Address: 38 Community road akoka, Yaba, Lagos
