LIFE & INVESTMENT
SAVINGS & INVESTMENT WITH PROTECTION – LIFE INSURANCE
- Investment & Savings
- Life Insurance
Life insurance provides a monetary benefit to a decedent’s family or other designated beneficiary, and may specifically provide for income to an insured person’s family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.
In many countries, such as the US and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.
In the US, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation.
FUTURA – THE FLEXIBLE APPROACH TO LIFETIME PROTECTION
AN INTERNATIONAL LIFETIME PROTECTION FROM ZURICH LIFE DEATH DUE TO ANY CAUSE
- FUTURA is a flexible, whole of life insurance policy, primarily designed to pay a cash sum upon unfortunate events.
- As a lifetime protection policy, FUTURA can give you high levels of financial protection providing for family members left behind in the event of your death or critical illness.
- This is only the beginning of what it has to offer.
COMPLETE PROTECTION FROM A COMPREHENSIVE RANGE OF BENEFITS AND COVER OPTIONS
- FUTURA has many advantages to offer your family.
- FUTURA provides cover for a life time.
- You can insure your own life, or choose joint life cover for both you and your partner, in which case benefits are paid when the first partner dies.
- FUTURA is a Flexible and comprehensive way to protect well your family’s financial future.
TOP ELEVEN CRITICAL ILLNESS CARE
- Heart attack.
- Coronary artery disease surgery.
- Multiple sclerosis.
- Major organ transplant.
- Renal failure.
- Parkinson’s disease.
- Third degree burns.
- Alzheimer’s disease.
- Heart valve replacement or repair and any other terminal disease.
- Waiver of premium: ensures that the policy premiums continue to be met (and so the policy will continue) in the event that the life insured is unable to work through accident or illness.
- Permanent total disability benefit: pays a lump sum amount in the event that the life insured is diagnosed as permanently and totally disabled.
- Family income benefit: series of regular payments in the event of the death of the relevant life insured for a selected period of time.
- Hospitalization benefit: is payable if the life insured is hospitalized for more than three consecutive days.
- Accidental death benefit. is paid in addition to the life cover sum insured where the life insured dies as a result of an accident.
- Accidental dismemberment benefit: pays a lump sum if the life insured suffers the loss of sight or limb as the result of an accident.
- Long-term care benefit: pays a series of up to ten annual installments as an advance of the life cover sum insured in the event that the life insured is unable to perform four or more predefined acts of daily living.
- Aero plane cover: doubles the life cover sum insured (up to a maximum of USD1 million in addition to the life cover sum insured), in the event that the life insured dies as a fare paying passenger on a commercial airline. This benefit is provided free of charge.
- Own Life
- Life of another
- Joint lives first death
- Joint lives both death ( for married couples )
Individual ( single or joint ) , trustees and companies
- Policy owner: minimum age 18 at entry.
- Life insured: minimum age 17, maximum age 74 at entry.
- Frequency: Regular premiums are permitted monthly, quarterly, half-yearly or yearly. Premiums are permitted at any time.
- Vanishing premiums: Higher regular premiums payable for a limited period of between seven and 15 years.
- Policy currency: Sterling, US dollars, euros, Hong Kong dollars, Japanese yen and Swiss francs. Although payments can be made in any freely convertible currency, the choice of policy currency automatically determines the currency in which the benefits will be stated and paid.
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