Key to Financial Security of you & your families Assuring your Financial Well-being
Why life Assurance? In many countries, life Assurance plays an important role in daily life because it can help a family maintain their lifestyle in the event that the breadwinner of the family is no longer there for them. If you are reading for the first time and wondering what life Assurance is all about, we suggest that you read through all the following to understand how it can benefit you and your family.
There are two types of insurance that need to be considered when buying a policy: 1. Term insurance 2. Permanent insurance
Let's see how they work:
Term insurance covers the policy holder for a limited period of time, usually one year. For example, if a person buys a term insurance policy for one year and then dies due to an unfortunate event, such as critical illness or car accident, before the contract expires(matures), his insurance will kick in and pay his or her family(the beneficiaries) the face amount(the sum insured amount) of the policy. Sometimes, depending on the nature of the insurance, a person can also receive a claim payment if she or he has an accident and becomes disabled due to the accident.
The main difference between term and permanent insurance is that with a permanent insurance plan, you can get coverage over the long term. I some cases, the coverage can last for the lifetime of the policy holder. A person who buys a permanent life assurance policy will be asked to pay a small amount of money (premium) every year until the contract expires (matures). If, during the lifetime of the contract, the policy holder dies or becomes disabled due to an unfortunate event, such as critical illness or car accident, the permanent insurance policy kicks in and pays his or her family members the face amount of the insurance. In addition, if the policy holder outlives the life of the contract, he or she can claim the sum insured amount upon the date of expiration (maturity). This is called the maturity benefit.
Now that you have understood how important it is to protect the financial well-being of your family, we would like to introduce our products, which will help you achieve your dreams.
First National Insurance would like to offer you the following life Insurance products that will suit you and your family members' needs.
1. Endowment Insurance
This is a type of permanent insurance that suits someone (usually the breadwinner) who would like to have enough savings for his retirement so that he can still provide for his family using the money from his insurance.
If the breadwinner dies due to illness or disease and the family no longer has an income, endowment insurance will pay the family the insured amount.
2. Group Life
This is a type of term insurance, in which more than one person is listed a policy holder. The following criteria must be met:
1. The group must consist of at least five people.
2. The group must be employed at the same company or institution.
This is a type of term insurance, which, as the name suggests, is aimed specifically at the needs of athletes.
This insurance is designed for those who are working in places that are prone to dangers posed by poisonous snakes.