Choosing the right type of insurance can be difficult, but once you know the basics, it becomes fairly easy.
If you cannot find answers below, call us now on (265)1 822 699 / (265)1 750 303 / (265)1 312 494 OR ask to have a NICO Life representative contact you by filling the enquiries form. We will be happy to help you.
What is Life Insurance?
Do I need a Life Insurance policy?
What types of Life Insurance policies are available on the market?
How do I choose the right Life Insurance policy suitable for me?
How much Life Insurance cover do I need?
How much will a Life Policy cost me?
How many Life Insurance policies can I have?
Can I increase the Sum Assured under my existing policies?
What is Life Insurance?
Life insurance is a scientific way of providing for future financial security for yourself and your loved ones through a life insurance policy.
Do I need a Life Insurance Policy?
Almost every person needs a life insurance policy of some kind to provide financial security for himself, spouse, children and or other dependants since every person may die either very early or live longer and die very late in life.
What types of Life Insurance policies are available on the market?
There are several types of life insurance policies that are available on the market. These range from Investment Policies designed to provide financial security at a specific future date by way of lump sums or annuities or Risk Policies designed to provide lump sums at any time in the event of death of the life assured. You can obtain more details by clicking the enquiry facility provided on this website.
How do I choose the right Life Insurance policy suitable for me?
The choice of the right life insurance policy suitable for you depends on your personal and particular needs such as:
Are you planning to save money for a particular special event that will occur in your life in the immediate future such as:
- Your own wedding
- The wedding of your child
- Secondary or tertiary education for your child or dependant
- Planning to raise a certain amount of capital for a private business in say, 5 to 10 years time, etc.
In all these circumstance you may need an Investment Policy that could mature after say 5, 10, 15, 20 or 25 years.
Do you have a family or dependants, who would continue to require your financial support even if you died this year, next year or in the future years?
If the answer to this question is yes, then you would need an Endowment life insurance policy that would pay the Sum Assured (Risk Benefit) on your immediate death or on the maturity of the policy.
How much Life Insurance cover do I need?
The amount of life insurance cover you need depends on your needs and your financial capacity to pay the premiums. In other words there is no monetary limit to the amount of cover you are entitled to other than by being limited by your financial capacity to pay the premiums.
How much will a Life Policy cost me?
The premium you will be required to pay for a life insurance policy, whether it is an investment only policy, or an Endowment insurance policy (for both Investment and Risk Benefit) will depend on the following four major factors:-
- Your age at the time of taking the policy
- The term or period of cover of the policy
- The sum assured.
- Health status (for the risk cover benefit)
How many Life Insurance policies can I have?
You can have as many life insurance policies as possible as long as they meet your particular and personal needs, and you can comfortably afford to pay the premiums for all the policies.
Can I increase the Sum Assured under my existing policies?
Yes, you can increase the Sum Assured under your existing policies by increasing the premiums at the policy anniversary of each policy. More details on this issue can be obtained by sending us an enquiry.
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