Madison Whole Life Assurance Policy

This product is designed to provide the essential benefits of long term life assurance protection and the wisdom of an additional Cash Benefit (optional) designed to pay a selected proportion of the basic sum assured every 5 years, thereby creating the rare combination of essential Upfront Cash Benefits and Life Assurance Protection for the rest of one’s life time. In addition, the main Whole Life policy can also be taken out with additional optional riders for Double Accident Benefit, Permanent Disability Benefit and Inflation Fighting Premium Escalator.

Objectives

To provide life assurance protection to the immediate family.
To create a financial base for developing an alternative source of income beyond regular
To accrue savings and generate investment interest over a life time.

Needs covered by the product

To provide financial protection to the immediate family upon death.
To protect the life assurance benefit from the effects of inflation.
To provide cash payments every 5 years to meet lump sum financial needs in the next 20 years.
To provide higher life assurance benefit in case of death arising from accident.
To provide a financial benefit on permanent disability.
To facilitate in acquisition of mortgages.

Profile of target clients

Any one meeting any of the following criteria:

Aged 30 to 45 years
With regular income from employment
Married and has children
Wants to acquire mortgages

Eligibility

20 to 55 years of age next birth day – with or without medical examination.
55 to 65 years of age next birth day – with medical examination.
Medical examinations where necessary will be paid for by the insurer.

Policy term

Life long

Premium paying methods

Cash (available only on quarterly, half-yearly and yearly basis)
Stop order (cheque through employers or direct transfer)
Direct Debit and Credit Control (DDACC) payment through the bank account
Electronic funds transfer
A policy fee of K10.00 per month will be applied on each policy.