5 things you may not know about life Insurance! 1. It is cheaper than you think! Based on a 30 year old non-smoker, a basic life insurance policy on a Sum Insured of €100,000 for 20 years could cost less than €17 a month. Now, that’s not a lot of money to protect your family. 2. You don’t always need to go for medical tests when applying for Life Insurance! For certain amounts of Insurance, normally up to €120,000 of cover, the Insurer will not automatically request that you perform medical tests and will issue cover solely on your declarations on a proposal form. 3. Waiver of Premium In most policies, you can purchase this additional benefit for a small premium and if you are permanently and totally disabled the Insurance Company will waive any future premiums due to be paid on your policy, however, keeping you fully covered. 4. Benefits are Tax free Although tax laws may change and we suggest that you seek professional tax advice, in Malta, the benefits paid on term life insurance are tax free. 5. Beneficiary You can name a beneficiary on your life insurance policy. So, whether you name your children, your spouse or your neighbour, if you wish, the Insurance Company will pay your beneficiary directly, without the need to obtain your will, if you have one. vitafinancials
Posted on: Thu, 01 Aug 2013 10:45:00 +0000
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