Individual Life

Individual life insurance is a policy that is paid by one person and covers a single person. It is distinguished from group life insurance, which covers employees of a company or members of an organization. This insurance is intended to meet the financial needs of a surviving spouse or family members in the event of the insured’s death.

INDIVIDUAL LIFE PRODUCTS

KEYMAN ASSURANCE POLICY

Keyman policy is a term assurance taken out by a business concern on the life of an employee who is vital to the continued profitability of the business. The policy provides the business with financial compensation in the event of death of the employee before retirement. The sum assured under the policy would be the amount required to provide compensation for the business as regards (1) expenses that will be incurred in securing and training a successor (2) an estimate of the pre-tax profit (3) payment of outstanding loan balance.

TERM ASSURANCE POLICY

This policy provides for the payment of the sum assured in the event of death of the policyholder within the term of the policy or the specified period of time.

CREDIT LIFE

Credit Life Policy is a contract of Life Assurance designed to protect the provider of a loan as well as the dependents of the borrower in the event of death or total disablement of the borrower before full repayment of the loan. In other words, this assurance cover is designed to secure all creditors against the risk of death or total disablement of the loan holder. It is also meant to protect the policyholder’s dependents from the financial consequences of the inability to repay the loan outstanding as a result of the death of the breadwinner.

ANTICIPATED ENDOWMENT

Anticipated endowment also known as three (3) payment plans is an investment vehicle through which fund is accumulated over a period of time and the benefit of the investment being enjoyed in three installments of 30%, 30% & 100%. Also to be enjoyed is a disability cover and waiver of premium benefit in the event of permanent disablement. In the event of premature death a guaranteed life cover benefit is payable.

INVESTMENT-LINKED EDUCATION PLAN

Investment-linked Education Policy affords the opportunity to build up funds for the future education of children. Many parents are regularly confronted with the challenges of providing for the education of their children and building the education fund requires one form of investment or the other.

OTHER INDIVIDUAL LIFE PRODUCTS
  • Endowment Assurance
  • Educational Endowment Assurance
  • Professional Investment Plan
  • Mortgage Protection Assurance
  • Group Education Policy/ School Fees Plan