Flexible Term Life
Five simple life insurance options to obtain insurance cover for your family at a low cost.
What is it about
The Flexible Term Life Series Plans consist of five distinct products that provide insurance coverage in the event of loss of life. These products are addressed to people who need specific insurance coverage for a predetermined period. They are not offered for savings or investment. In the event of death within the predetermined period, the Sum Insured is paid. Each product is described in detail below:
Level Term
Offers insurance cover in the event of loss of life, with a fixed Sum Insured and premium throughout the Policy’s duration. The plan is offered for ages 18 to 75 years old and the duration is selected by the Policyholder.
Decreasing Term
Offers insurance cover in the event of loss of life which decreases at each Policy Anniversary, so that at the Expiry Date of the Policy there remains no Sum Insured. The premium remains fixed throughout the duration of the Policy. The plan is offered for ages 18 to 75 years old and the duration is selected by the Policyholder.
Level Term Plus
Offers insurance cover in the event of loss of life, with a fixed Sum Insured and premium throughout the Policy’s duration, while giving the Policyholder the option, upon expiry of the Policy, to purchase another life insurance policy from the Company, without the need to assess the Insured’s insurability, under the conditions stated in the Policy. The plan is offered for ages 18 to 69 years old and the duration is selected by the Policyholder.
Level Up Term
Offers insurance cover in the event of loss of life. Cover is equal to the selected Sum Insured. The premium rate gradually increases throughout the duration of the Policy in accordance with the attained Age of the Insured, thus allowing for lower premiums at the inception of the Policy. The plan is offered for ages 18 to 70 years old and expires automatically at age 80.
Level Up Decreasing Term
Offers insurance cover in the event of loss of life. The Sum Insured decreases at each Policy Anniversary, at a predetermined rate in accordance with the duration of the Policy, so that at the Expiry Date of the Policy there remains no Sum Insured. The premium rate gradually increases throughout the duration of the Policy in accordance with the attained Age of the Insured, thus allowing for lower premiums at the inception of the Policy. The plan is offered for ages 18 to 70 years old and the duration is selected by the Policyholder.
Additional benefits
Accidental Death
Paid in the event of loss of life of the Insured in the event of an accident.
- This can be added to basic plans: Level Term, Level Term Plus.
Accidental Death or Permanent Total Disability due to an Accident
Paid in the event that the Insured, following an accident, dies or becomes permanently and totally disabled to follow any occupation for a period exceeding six months and when disability is permanent.
- This can be added to basic plans: Level Term, Level Term Plus.
Permanent Total Disability
The benefit is paid in the event of Permanent Total Disability of the Insured, in twelve quarterly installments, after six months of continuous total disability resulting from a sickness that manifested or an accident that occurred while this Additional Benefit was in force. The disability must be of a permanent nature and the Insured must be totally disabled to follow his/her own occupation or any other occupation for which he/she is reasonably qualified to undertake by reason of training or education. In the event the basic cover is on a decreasing basis, Permanent Total Disability will also be on a decreasing basis.
- This can be added to basic plans: Level Term, Decreasing Term, Level Term Plus.
Level Up Permanent Total Disability / Level Up Accidental Permanent Total Disability
Level Up Permanent Total Disability / Level Up Accidental Permanent Total Disability – the benefit is paid in the event of Permanent Total Disability of the Insured, in twelve quarterly installments, after six months of continuous total disability resulting from a sickness that manifested or an accident that occurred while this Additional Benefit was in force. The disability must be of a permanent nature and the Insured must be totally disabled to follow his/her own occupation or any other occupation for which he/she is reasonably qualified to undertake by reason of training, education or experience. The premium rate gradually increases throughout the duration of this Additional Benefit in accordance with the attained age of the Insured, thus allowing for lower initial premiums. Cover is provided for disability due to sickness or accident, or accident only, depending on the benefit chosen.
- This can be added to basic plans: Level Up Term.
Level Up Decreasing Permanent Total Disability / Level Up Accidental Decreasing Permanent Total Disability
The same applies here as for Level Up Permanent Total Disability/Level Up Accidental Permanent Total Disability, but the Sum Insured decreases at a predetermined rate at each anniversary of the Additional Benefit effective date so that there is no cover at the end of the benefit term. The initial Sum Insured will be reduced at each anniversary of the Additional Benefit effective date.
- This can be added to basic plans: Level Up Decreasing Term.
Disability Income
Paid monthly for an initial period of 24 months in the event of total disability, after three months of any total disability period. The Insured is considered totally disabled if, due to sickness or accident, he/she is unable to follow his/her own occupation or any other occupation for which he/she is reasonably qualified to undertake by reason of training or education. After the initial 24-month period, the benefit will continue to be paid until the termination of the Policy, or until expiry of the benefit, or until the Insured’s sixty-fifth birthday, whichever occurs first, provided that total disability also becomes permanent.
- This can be added to basic plans: Level Term, Level Term Plus.
Critical Illness
The Additional Benefit’s Sum Insured is paid in case of diagnosis or surgery for one of the following ten Critical Illnesses: Cancer (of specified severity), Coronary Artery Disease requiring surgery, Heart Attack (of specified severity), Chronic Renal Failure, Major Organ Transplantation, Stroke, Structural Heart Surgery, Multiple Sclerosis, Benign Brain Tumor and Blindness. A full explanation of the covered illnesses is provided in the benefit terms. Upon acceptance of the claim, the benefit is terminated and the Policy remains in force.
- This can be added to basic plans: Level Term, Level Term Plus.
Waiver of Premium / Accidental Waiver of Premium
The benefit is provided after six months of continuous total disability of the Insured, as a result of a sickness that manifested or an accident that occurred while this Additional Benefit was in force. Total disability is defined as the Insured’s inability to follow his/her own occupation or any other occupation for which he/she is reasonably qualified to undertake by reason of training, education or experience. In such an event, the Insured is released from the obligation to pay additional premiums for the period that his/her total disability continues without interruption, until expiry of the Policy or until he/she reaches the age of 65, whichever occurs first. Cover is provided for disability due to sickness or accident, or accident only, depending on the benefit chosen.
- This can be added to basic plans: Level Term, Decreasing Term, Level Term Plus, Level Up Term, Level Up Decreasing Term.