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Accident Insurance:
an individual insurance contract against loss of life or limbs in case of
accident.
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Annuity: provides
income for a specified period of time to an annuitant. Retirement annuity
guarantees a life-long income for old age.
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Disability Pension:
guarantees a regular substitute income if the insured person become
disabled. The pension is paid out in monthly or quarterly installments for
the duration of the disability.
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Education Plan:
secures a child’s education in case of death of the premium payer
(father/guardian, etc.).
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Endowment Insurance:
a type of life insurance policy in which the stated benefit is paid to the
insured on the maturity date. Often, this type of policy is used as a
retirement account. Should the insured die before the maturity date has been
reached, a beneficiary will receive the full amount of the policy
immediately.
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Estate Planning: a
plan to be developed in order to transfer all of one’s property from one
generation to the next, or within a generation. It provides protection in
case of death as well as creates capital.
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Joint Life Insurance:
an individual protection plan for two persons, consisting of savings and
death risk insurance.
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Pure Investment Plan:
a type of funding instrument that uses only the investment services of an
insurer.
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Single Premium Investment Plan:
a combination of a safe investment with an optimum yield, yet with life
insurance. Contrary to customary life insurance, the premium is paid
up-front. Your investment immediately benefits from the guaranteed interest
rate and participates in bonus. This plan offers a financially secure
future.
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Term Insurance:
provides life protection coverage for an insured person for a specified
period of time (five, ten, fifteen years). The sum insured is payable if
death occurs before the expiry date of the policy.
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Whole Life Insurance:
life protection coverage throughout the entire life of an insured person.
The sum insured is immediately payable at the insured person’s death.
