Term insurance

Long-term insurance: Beware of prescription - Jou Geld, Solidariteit WêreldJou Geld, Solidariteit Wêreld

The recent Supreme Court of Appeal (“SCA”) judgment in Muller v Sanlam Life Insurance Limited has clarified the position in respect of prescription, and when a debt of a long-term insurer becomes due. In terms of insurance, prescription refers to the loss or weakening of a person’s right to recover a debt as a result of his or her inaction and the passing of time. An insured that fails to lodge a claim or institute proceedings against his or her insurer can fall foul of prescription. Most short-term insurance contracts contain time-bar clauses which require an insured to institute legal proceedings within a set time period, or run the risk of having their claim extinguished or rendered...

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The importance of buying term insurance, Deccan Herald

Each individual has aspirations and financial goals for which a regular monetary contribution is made towards building a corpus. The premise being, over a period of time the savings pool will enable fruition of financial goals. Financial goals could vary from a down payment for a house, a child’s higher education etc. The question individuals need to ask themselves is what happens to the family in case of my demise? Term insurance is a unique financial instrument enabling a family to continue with their lives. This product should form the foundation of any financial plan. The mantra is “first Protect then Save.” They act as an income replacement tool for the family in case of demise of the...

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Benefits of Monthly Income Term Insurance Plans - ICICI Blog

Benefits of Monthly Income Term Insurance Plans A term life insurance is a type of life insurance policy where the policy is active for a specified number of years opposed to a full life insurance policy, which is active for the policy holder’s entire life. In the case of a term plan, if the policy holder dies during the policy period, then his or her family is entitled to the death benefit or the sum assured in a lump sum amount. However, this lump sum amount can be quite large, and not everyone has enough financial expertise to use such an amount wisely, which can lead to premature exhaustion of the received funds. In such a scenario, all the hard work and planning done by the...

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Term insurance for the self-employed -

Experts recommend term insurance as the best solution to financially secure the dependent family in case of the early death of the primary earning member. Although half of India’s earning population is self-employed, they account for only 20 percent of the people who buy term insurance every year. This article explains in detail how entrepreneurs and professionals of India can buy term insurance. First things first, let’s talk about why the self-employed working population of India and, hence their families, are exposed to higher financial risks than salaried individuals and, hence, urgently need to consider term insurance. 1. Uneven source of income – While you are on an exciting ride,...

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Long-term Insurance Industry Results - KPMG South Africa

{{vm.title}} 25 {{ vm.title }} {{ vm.siteSelectorList.flyout.cell1.heading }} {{ site.countryLocale }} {{ vm.siteSelectorList.flyout.cell1.global.countryLocale }} {{ vm.closeTabLabel }} The life insurance industry in South Africa continues to evolve. We have identfied three trends which seem to be of particular relevance to South African insurers. The concept of the one-stop financial service provider is of increasing prevalence. In the past year Discovery obtained a banking licence; Capitec launched funeral insurance (underwritten by Sanlam); FNB and Liberty Life obtained a short-term insurance licence; and Investec Life reinvigorated their offering. Corporate activity continues...

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The ‘big 5’ obligations of short-term insurance, Wheels24

The ‘big 5’ obligations of short-term insurance Short term insurance. Sounds easy. You pay your insurer to take over your risk, so that when disaster strikes, your losses are covered. Bingo. But sometimes it’s not that simple. Your insurer promises to treat you fairly, and to pay out when you claim, but you’ve got certain commitments too. A short term insurance policy is 1 of the great trust relationships of our time – and like all relationships, both parties need to build the trust. So, how do you get the most out of a short-term insurance policy? King Price’s Wynand van Vuuren has the lowdown. 1. Make full disclosure: When you apply for insurance and you’re...

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Buying your first term plan? Keep these steps in mind

With youth comes a sense of carefree bliss accompanied by a short-term outlook towards life. However, as we age and progress in life, we begin to absorb the significance of planning for the long-term and for a time when we have long gone. Providing financial protection to your family often forms the basis and first step of financial planning. It is in this circumstance that a simple form of insurance called a term plan becomes very crucial. A term plan is an insurance tool that offers financial protection in the form of a sum assured to your family members if something unexpected happens. Most term plans offer a variety of solutions tailored to fit a variety of situations. Here are a few...

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Flexi Term, Life Insurance, Great Eastern Singapore

Loss of income: To protect yourself against losing your monthly income because of illness or injury, consider Pay Assure. Hospitalisation: To cover the cost of hospitalisation, surgical or medical expenses - and make up for loss of income due to hospitalisation - consider GREAT SupremeHealth, GREAT TotalCare and Supreme MediCash. Comprehensive coverage for accidents: To enjoy comprehensive coverage against accidents, consider Essential Protector Plus. All ages specified refer to age next birthday. Flexi Term provides financial protection against Death, Total and Permanent Disability, and Terminal Illness during the policy term; while Flexi Living Term provides financial protection...

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Term Insurance, Benefit Planners & Company

Term Insurance We represent the largest Brokerage Outlets that get the best offers on life insurance for you! Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Level term products are the most popular plans purchased today. The level term can be from 5 years to 30 years. The premium and death benefit are designed to stay level during the term of the contract. The premiums can be either guaranteed or not guaranteed. When purchasing a level term life insurance policy be sure you are aware of the guaranteed premium period. Once you have been approved and placed the policy in force with the first payment, the insurance company...

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Is Term Life Insurance for You?, Dax Williamson

Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Unlike permanent insurance, term insurance only pays a death benefit. It does not accumulate a cash value. That’s one of the reasons...

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