MUTUAL TERM ASSURANCE POLICY
Term Assurance is a pure life assurance with no investment linked, hence it is the cheapest type of assurance policy, and the main provision of the policy is the payment of the sum assured on the death of the life assured within the policy term, that is, within a specified period. If the assured survives the period, the assurance expires and there is no payment made by the insurance company.
Benefits and Features
It is a very cheap form of life cover. You pay a very small amount (premium) to enjoy a very large cover.
Convenient payment options ? monthly, quarterly, half yearly and yearly.
It can be used as additional collateral for loan.
Creation of immediate estate upon the inception of the policy for thedependants.
In case the assured lives until the end of the specified term of the policy, the policy expires and no benefit is payable.
Any family man or woman who has young dependants should have this cover in place.
It creates confidence in the mind of the assured to move on with life activities. Citizens of developed countries take this cover very seriously despite the fact that their life expectancy is a lot higher than ours. i.e.
Country Life expectancy
U.S.A 78 years
Canada 81yrs
United kingdom 80 years
Nigeria 48 years
The amount to be paid to purchase the cover is determined by the
Sum Assured
Age of Assured
Duration
Rating
For a total Sum Assured of N500,000.00, the annual premium payable is as follows:
Age Range Annual Premium (=N=)
20 -40 2,500.00
41 -50 3,750.00
51 -60 7,500.00
To purchase policy or get more clarification please contact us:
Tel: 08036411416 or 08023064112
Email: bayomutualbenefits@gmail.com or omotoshoa@gmail.com
Address: 38 Community road akoka, Yaba, Lagos
