What is Life Insurance?
Why do I need Life Insurance?
Although you may not think about it, your ability to earn an income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons why people buy life insurance.
Life insurance can help you achieve
different goals
Personal Use
- To replace income a family would need to maintain their standard of living after the death of a wage earner.
- To pay off a mortgage loan and other personal and business debts.
- To create a fund for children’s education.
- To pay final expenses, such as funeral cost or medical bills.
- To create a family emergency fund or a fund for a family member with special needs.
Protect yourself and your loved ones, call your sales representative or our office directly … on telephone numbers:……………and let us help you choose the right balance of insurance for your needs.
Business Use
- Key-Person – A life insurance policy can be used to protect a business from the loss of income and profits caused by the death of a key employee.
- Business Loans – Life insurance protection on a key employee or business owner can be used to pay off the debts of a business in the event of that individual’s death.
- Employee Benefits – Life insurance protection for employees is commonly included in company employee benefits plans.
Protect yourself and your loved ones, call your sales representative or our office directly … on telephone numbers:……………and let us help you choose the right balance of insurance for your needs.
There is no magic formula to determine
how much life insurance you Need
However, there are a number of factors that should be considered when estimating how much life insurance you should carry. They include:
- Final Expenses – These could be unpaid medical bills, funeral expenses, unpaid debts and taxes. Your insurance agent will take you through a series of steps called a Needs Analysis in determining your Sum Assured.
- Re-adjustment Fund – This may be used to cushion the immediate lifestyle adjustment that a family must make when a loved one dies. The family may be forced to move, or the surviving spouse might have to look for a new job. In addition, a working spouse may find it difficult to return to work immediately after the death of a partner.
- Supplemental Income – After the re-adjustment period, there should be a consistent income stream to help pay the family’s living expenses, such as mortgage payments, monthly bills, and daycare expenses.
- Educational Funds – Adequate funds should be available for the children’s education. This might include private schools and University.
- Retirement Fund – There should also be adequate funds available to ensure that the spouse can retire comfortably.
Protect yourself and your loved ones, call your sales representative or our office directly … on telephone numbers:……………and let us help you choose the right balance of insurance for your needs.
Want to ask something from us?
It normally takes between 10 to 14 business days to settle a health insurance claim. Kindly check that the claim form is complete and all detailed receipts, invoices and prescriptions are submitted to facilitate timely settlement of a claim.
Yes, Life/Health insurance coverage will only be considered if you are living in Belize and are a Belizean resident/citizen. For continuous health insurance coverage, the insured is required to reside in Belize at least 9 months of each policy year.
It depends on your individual situation and on the nature and severity of the health issue. Additional medical information may be required and approval may be at a higher premium rate than a healthy person of the same age.
Yes. In order to do so, you will need to provide us with your authorization for the direct deposit to be made to your preferred bank.
Yes, by submitting a written request to the company.
- Yes, by submitting written request to the company.
- However, the changes can only take effect at policy anniversary date.
