LIFE INSURANCE
A GUIDE TO PROTECTING YOURSELF, YOUR FAMILY AND YOUR BELONGINGS
THE ROLE OF INSURANCE IN YOUR FINANCIAL WELL-BEING
Insurance is the process of protecting against the economic impact of loss. The goal of insurance is to give you the financial peace of mind for today, and for the future
LIFE INSURANCE provides protection against the loss of income that results from the death of a wage earner. It can also be used to build savings for retirement. You should consider life insurance if you support a family or spouse, have a mortgage or plan to send your children to college.
THE BASICS OF LIFE INSURANCE
KNOWING WHAT QUESTIONS TO ASK
Do I need life insurance?
If you have financial obligations including a mortgage, children's education or household support that would be imperiled in the event of your death, then you should consider life insurance.
How does it work?
Most life insurance works on the same premise - you make payments or "premiums" to an insurance company that guarantees to pay your chosen beneficiary a sum of money upon your death.
What does it cost?
The cost depends on the amount and type of insurance you purchase as well as your life expectancy. There are insurance products to suit just about any budget.
What are the different types?
There are three major types of Life Insurance that Sagicor offers
- TERM insurance is often the least expensive. You buy it for a specified term and usually have the option to renew, probably at a higher premium. If you die during the term, your beneficiaries are paid the amount of the policy. If you are alive when the term ends there is no payout.
- WHOLE LIFE insurance combines a death benefit with a savings plan. Part of the premium you pay goes towards building cash value. Premiums are fixed and once they are paid the policy will remain in force for your entire lifetime. In the event of death, your beneficiaries are paid the amount of the policy.
- UNIVERSAL LIFE is a variation of whole life insurance and offers flexibility in the amount of coverage, rate of savings accumulation and the payment of premiums.
How much insurance do I need?
Every household has unique insurance needs and your Sagicor Producer can help determine your exact requirements.
HOW YOUR SAGICOR PRODUCER CAN HELP
Your Sagicor Producer can work with you to ensure that your Life Insurance needs are being met. The first priority is to answer your questions and help build your understanding of the various types of Life Insurance. The next step is a detailed analysis of your household finances and matching coverage to your unique situation. Call 1-888-SAGICOR now, to get started.
