How Much Life Insurance You Need?
We offer following Insurance policies
The contractor all risks policy is specially designed to cover for loss
or damage to predominantly civil engineering construction projects ranging
from small villa to construction of bridges or high rise. This is an “All
Risk” policy covering various activities of construction (except specific
exclusions as mentioned in the policy). The policy covers all the works
to be performed under the contract whether they are preparatory, provisional
or final together with all the materials and equipment constituting them.
This policy can be taken out in the joint names of the contractor and the
employer.
This policy enables the Contractor or Employer to comply with the insurance
requirements of the contract. Cover can be extended to include constructional
plant as part of the Contractor All Risks cover
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Section 1 – Material Damage
It covers almost any sudden and unforeseen physical loss or damage occurring (except as specifically excluded in the policy) to the contract works/property/items insured, during the period of insurance. -
Section 2 – Third Party Liability
This section in respect of third party liability of which we shall become legally liable to pay as damages consequent upon:
i) accidental bodily injury to or illness of third party
ii) accidental loss or damage to property belonging to third party. Duration of cover corresponds with the contract period which is stipulated in the Letter of Award.
On request, with additional premium, the cover the policy can be extended
to cover various optional extensions namely:
Construction Plant and Equipment
Construction Machinery
Removal of Debris Costs
Surrounding Property
Transit to or from the site (excluding sea or air transit)
Maintenance cover
Professional Fees for Architects, Engineers, Surveyors etc. for the reinstatement
of damage
- War, Civil War, Political Risk
- Terrorism and Sabotage
- Nuclear reaction, nuclear radiation or radioactive contamination.
- Willful act or willful negligence of the insured or his representatives.
- Cessation of work whether total or partial.
- Losses within the compulsory access.
- Loss due to faulty design
- Wear and tear
- Loss or damage discovered at the time of taking an inventory.
- The cost of replacement, repair or rectification of defective material and/or workmanship
- Mechanical and/or electrical breakdown or derangement of construction plant and machinery
- Consequential loss of any kind
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Seepage, Pollution and Contamination
Note : This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy
Period Start
The cover starts on the unloading of the first consignment at site or commencement of work and continues to be in force as stated in the policy.Period End
The policy ceases when the project is handed over to the principal or put into service. Any extension of the contract period can be considered subject to advance notification to insurer via written declaration and submissions of additional documents.
You must ensure that your sum insured stated in the Schedule shall not
be less than
(a) the full value of the contract works at the completion of the contract
(inclusive of transport charges, customs duties, etc.)
(b) the replacement value of construction, plant and machinery (if any)If
the sum insured stated in the Schedule less than the amount required to
be insured at the time of loss (i.e. under- insurance), you are deemed
to be self-insuring the difference. The average condition will apply in
the event of claim.
Contribution condition – If at the time any claim arises under the Policy
there is any other insurance covering the same loss, damage or liability,
insurer shall not be liable to pay or contribute more than its ratable
proportion of any claim for such loss, damage or liability.
- Tailor-made product for the construction industry.
- Cover on all risks basis
- Cover legal liabilities to third parties arising out of the performance of the contract.
- It is also possible to have an annual policy issued for all work undertaken by a contractor
Cancellation
There is no cancellation condition under this policy.
CPM Insurance is to provide a cover on annual basis to a contractor who may be using his plant and machinery at different projects during the course of the year. This policy provides coverage for the plant and machinery used by the contractors at the site for various projects. The cover is not limited to a specific project site. It is operative at all the sites wherever the plant and machinery is in use. The insured have to be informed of the sites where the insured items are being used.
The Policy coverage includes any unforeseen and sudden physical loss or damage to the Insured items due to any cause including:
- Burglary, theft, riot, strike and malicious damage.
- Fire and lightning, External explosion, Earth Quake, Flood, Subsidence, Inundation, Landslide and Rockslide
- Storm, tempest, hurricane, typhoon and tornado
- Accidental damage while at work due to faulty man handling, dropping or falling or collapse, collision and impact.
The Insured shall be indemnified for any loss or damage to the insured item while it is being used/installed at the site against unforeseen and sudden physical damage to the machinery by any cause provided the same is not specifically excluded under the Policy.
On request the policy can be extended to cover various optional extensions
namely:
Third Party Liability
Escalations
Air Freight
Additional Custom Duty
Owners Surrounding Property
Express Freight
Holiday Rates
Overtime wages
Cost incurred in the clearance and removal of debris
The policy shall not cover loss or damage due to the following:
- Electrical, Electronic or Mechanical Breakdown failure or breakage without the operation of any external peril.
- Loss or damage to replaceable parts which have limited life such as bits, knives, ropes, belts, chains etc. etc.
- Loss or damage due to explosion of any boiler or pressure vessel.
- Loss or damage to any water borne vessel and crafts, sinking or damage by sea waters or tides.
- Loss or damage sustained during the transit from one location to another.
- Damage while working underground
- War and war-like situations including nuclear risks.
- Willful Negligence
- Direct consequence of the continual influence of operation e.g. wear and tear, corrosion, rust, collisions and depreciation. Vehicles designed and licensed for general road use
- Total or partial immersion in tidal water
- Damage occurred whilst any Insured item is undergoing a test of any kind
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Consequential loss or liability of any kind
Note : This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
Duration of cover is for one year. You need to renew your insurance policy annually
The sum insured should equal to the cost of replacement of the same kind
and capacity via cost of replacement including freight, dues and custom
duties plus cost of erection.
If the sum insured is less than the amount required to be insured at the
time of loss (i.e. under-insurance), you are deemed to be self-insuring
the difference. The average condition will apply in the event of a claim.
Every item if more than one shall be subject to this condition separately.
Contribution condition – If at the time any claim arises under the Policy
there is any other insurance covering the same loss, damage or liability,
we shall not be liable to pay or contribute more than its ratable proportion
of any claim for such loss, damage or liability
- Covers loss or damage to plants and machinery.
- This policy provides protection against loss or damage from any cause not specifically excluded in a manner necessitating repair or replacement.
- It covers the insured items which are at work or at rest, or being dismantled for the purpose of cleaning or overhauling or in the course of the aforesaid operation themselves, or in the course of subsequent re-erection.
Cancellation
You may cancel your policy by giving written notice to insurer. Upon cancellation,
you are entitled to a refund of the premium less premium based on their
short period rates for the period of the policy which has been in force,
subject to the minimum premium to be retained by them.
Endowment Life Insurance is a type of life insurance that offers a combination of life coverage and a savings or investment component. It provides a guaranteed death benefit to beneficiaries in case of the insured's death, and if the insured survives the policy term, a lump-sum maturity amount is paid out to the policyholder.
Endowment Life Insurance covers:
- Death Benefit: If the insured person passes away during the policy term, a death benefit is paid out to the designated beneficiaries.
- Maturity Benefit: If the insured survives the policy term, a lump-sum maturity amount is paid to the policyholder.
Extensions can include:
- Riders: Various riders can be added to the policy, such as critical illness, disability, or accidental death riders.
- Additional Coverage: Some policies allow for additional coverage, which can be added to the base policy to enhance protection.
Exclusions might involve:
- Suicide Clause: As with most life insurance, there might be a suicide exclusion clause during the initial policy period.
- Fraud or Misrepresentation: Providing false or inaccurate information during the application process might lead to denied coverage.
The policy term for Endowment Life Insurance is predetermined at the time of purchasing the policy. It can range from 10 to 30 years or even longer.
The sum insured, also known as the death benefit, is the amount that will be paid out to beneficiaries upon the insured's death. The maturity amount is the lump-sum payout if the insured survives the policy term. Both should be chosen based on financial needs and goals./p>
- Death Benefit: Provides financial security to loved ones in case of the insured's death during the policy term.
- Maturity Amount: Offers a guaranteed lump-sum payout if the insured survives the policy term, which can be used for various purposes, such as retirement, education, or investments.
- Savings Component: The policy accumulates a cash value over time, which grows tax-deferred and can be borrowed against or withdrawn.
- Savings and Insurance: Endowment Life Insurance combines the benefits of life insurance protection with a savings or investment component.
- Guaranteed Payout: Both the death benefit and the maturity amount are guaranteed, offering a level of financial certainty.
- Premiums: Premiums for endowment policies tend to be higher compared to term life insurance due to the cash value accumulation and the guaranteed payouts.
- Long-Term Commitment: This type of insurance involves a long-term commitment that requires consistent premium payments over many years.
- Tax Advantages: The cash value component grows tax-deferred, and policy loans may be tax-free if structured correctly.
- Review and Adjust: Periodic review of the policy is important to ensure that it aligns with the policyholder's changing financial goals and needs.
Double Cover Endowment Life Insurance is a type of life insurance that combines elements of both endowment insurance and term insurance. It provides a death benefit to beneficiaries in case of the insured's death during the policy term and also offers a guaranteed maturity amount if the insured survives the policy term..
Double Cover Endowment Life Insurance covers:
- Death Benefit: If the insured person passes away during the policy term, a death benefit is paid out to the designated beneficiaries.
- Maturity Benefit: If the insured survives the policy term, a guaranteed maturity amount is paid out to the policyholder.
Extensions can include:
- Riders: Various riders can be added to the policy, such as critical illness, disability, or accidental death riders.
- Additional Coverage: Some policies allow for additional coverage, enhancing protection.
Exclusions might involve:
- Suicide Clause: Similar to other life insurance policies, there might be a suicide exclusion clause during the initial policy period.
- Fraud or Misrepresentation: Providing false or inaccurate information during the application process can lead to denied coverage.
The policy term for Double Cover Endowment Life Insurance is predetermined upon purchasing the policy. It can typically range from 10 to 30 years or even longer.tion: Providing false or inaccurate information during the application process can lead to denied coverage.
The sum insured, also known as the death benefit, is the amount that will be paid out to beneficiaries upon the insured's death during the policy term. The guaranteed maturity amount is the lump-sum payout if the insured survives the policy term. Both amounts should be chosen based on financial needs and goals.
- Death Benefit: Provides financial protection to loved ones if the insured passes away during the policy term.
- Maturity Amount: Guarantees a lump-sum payout if the insured survives the policy term, which can be used for various purposes like retirement or investment.
- Combined Protection: Offers the benefits of both term insurance (death benefit) and endowment insurance (maturity amount) in a single policy.
- Savings and Insurance: Double Cover Endowment Life Insurance combines the advantages of life insurance protection with a savings or investment component.
- Guaranteed Payouts: Both the death benefit and the maturity amount are guaranteed, providing a level of financial certainty.
- Premiums: Premiums for this type of insurance are usually higher compared to standalone term or endowment policies due to the dual coverage and guaranteed payouts.
- Long-Term Commitment: The policy requires consistent premium payments over an extended period.
- Tax Advantages: The cash value component grows tax-deferred, and policy loans may be tax-free if structured correctly.
- Review and Adjust: Regularly reviewing the policy ensures it remains aligned with changing financial goals and needs.
Limited payment life insurance, as the same suggests is a whole of life policy where you pay premium for a pre-determined term and continue your policy for the rest of your life.
This policy is a whole of life based policy that has a death benefit that is guaranteed to stay level for as long as you own it even if you choose to keep it until age 100. The face amount is usually paid out income tax free to the beneficiary of your choice. A Limited pay whole life insurance policy has a set payment period, either for a number of years or to a specific age. Once you reach the target years or age, premiums are no longer required but the policy’s benefits last the insured’s entire life.
Normally they are participating policies, which means the insurance company pays an annual dividend to participating policyholders, which can be used to purchase paid-up additions, further enhancing the cash value growth of the policy.
A Limited pay whole life insurance policy has a set payment period, either for a number of years or to a specific age. Once you reach the target years or age, premiums are no longer required but the policy’s benefits last the insured’s entire life.
The cover can be extended to add riders.
- You pay guaranteed premium for a specified payment term of either 7, 10, 15, or 20 years or a single premium.
- Option of choosing the payment frequency of: lumpsum, monthly, quarterly, semi-annually or annually.
- Due to limited payment term the premiums tend to be a bit higher than in a Whole of Life policy plan.
- Accidental Death Benefit
- Critical Illness Benefit
- Income Benefit
- Terminal Illness Benefit
- Waiver of premium
There are several benefits for these types of policy’s: -
- Assign as collateral
- High cash value growth early on.
- Provide for your changing financial needs during the various life stages.
- Tax benefit
Some whole of life policies will not pay out in the following events of death
- accidental death when driving under the influence of alcohol
- caused by suicide & self-Inflicted injury in the first year of policy.
- due to a non-disclosed pre-existing condition
- passive and active war risks
You should purchase limited pay whole life insurance policy when you are young and healthy.
A Limited pay Whole Life policy can be the perfect way to make sure your family’s financial future is protected, while also ensuring that you don’t have additional financial obligations during retirement or other pivotal times in your life.
Limited payment whole of life plan is designed to offer lifelong cover but with higher premium amounts for specific period such as 10 to 40yrs, to reduce future financial commitments and not pay for rest of life.
Option to pay for your premiums in a limited timeframe – either 10, 15,
20, 25 years or till a particular age.
Payment frequency options are: monthly, quarterly, semi-annually or annually.
- Add value to your Limited Pay Whole of Life insurance policy with riders.
- Accidental Death Benefit
- Waiver of premium due to disability
- Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured + accrued Bonus.
- Maturity Benefit – This being a whole of life plan has no specific maturity date. However, there is an option to withdraw the Sum Assured + accrued bonuses declared under the policy anytime.
- Tax Benefit
- Simple Reversionary Bonus, differs from company to company, is payable on maturity or earlier death.
A concern worth noting is that you can expect premium payments to be much
higher. The reason for higher payments is because you’re paying for the
entire life insurance coverage in a significantly shorter timeframe than
if you were to pay over the entire life of the life insurance contract.
You can save money on your limited pay whole of life insurance policy
by purchasing when you are young and healthy.
Money Back Life Insurance Policy is a type of life insurance that offers regular payouts at specific intervals during the policy term. It combines life coverage with periodic returns of a portion of the sum insured, providing both protection and a form of savings.
Money Back Life Insurance Policy covers:
- Death Benefit: If the insured person passes away during the policy term, a death benefit is paid out to the designated beneficiaries.
- Survival Benefits: The policy provides periodic payouts at specific intervals, even if the insured survives the policy term.
Extensions can include:
- Riders: Various riders can be added to the policy, such as critical illness, disability, or accidental death riders.
- Additional Coverage: Some policies allow for additional coverage, enhancing protection.
Exclusions might involve:
- Suicide Clause: Similar to other life insurance policies, there might be a suicide exclusion clause during the initial policy period.
- Fraud or Misrepresentation: Providing false or inaccurate information during the application process can lead to denied coverage.
The policy term for Money Back Life Insurance Policy is predetermined at the time of purchasing the policy. It can typically range from 15 to 25 years or more.
The sum insured, also known as the death benefit, is the amount that will be paid out to beneficiaries upon the insured's death during the policy term. The survival benefits are the periodic payouts received by the policyholder throughout the policy term.
- Death Benefit: Provides financial protection to loved ones in case of the insured's demise during the policy term.
- Survival Benefits: Offers periodic payouts at specific intervals, providing a regular stream of funds to the policyholder.
- Cash Flow Planning: The survival benefits can be used for various purposes like meeting short-term financial needs, education expenses, or covering loan obligations.
- Savings Component: Money Back policies offer a built-in savings component, enhancing the policy's value.
- Guaranteed Returns: The survival benefits are usually guaranteed, providing a level of predictability.
- Premiums: Premiums for this type of insurance are typically higher than those for basic term insurance due to the additional benefits and guaranteed payouts.
- Long-Term Commitment: Consistent premium payments are required over the policy term.
- Tax Implications: The payouts received are generally tax-free, but it's important to understand tax regulations in your jurisdiction.
- Review and Adjust: Periodic review of the policy ensures it remains aligned with changing financial goals and needs.
ULIPs are one stop solution for an individual’s financial goals that are designed to enable consumers plan and fulfill all their long term financial goals, be it child education or marriage, wealth creation or even creating a retirement kitty.
ULIPs are insurance policies that come with dual benefitsgrowth and protection. These plans come with the combined benefits of insurance and investment under one single plan. The premium paid for a ULIP is divided into two parts; one part goes towards coverage of risk to life and the other towards investment in money market instruments.
A Unit Linked Insurance Plan (ULIP) also provides you a life cover. This is usually the sum insured or the market value of the investment (fund value), whichever is higher. This ensures that the dream goals of your family are fulfilled even if you aren't around to do so yourself.
ULIPS are ideal for all kinds of investors at different stages in life. Best returns are achieved when investment- is held for a medium-to-long term tenure. Products usually come with a compulsory term of 3 year or a 5 year lock-in.
ULIPs can be positioned to help secure your key goals such as.
- Education needs
- Life insurance
- Retirement provisions
- Wealth creation
Riders are the additional benefits that you may buy and add to your ULIP. The addition of riders helps you to customize the ULIP to match your present and future needs. Rider options vary from company to company:-
- Additional Life Insurance
- Permanent Total Disability- Accident
- Terminal Illness
- Waiver of Premium
- Flexibility in Investments
- Loans
- Liquidity
- Loyalty additions on maturity
- Market Linked Returns
- Transparency in charging structure
- Tax benefits
Practice varies between life offices, but some whole of life policies will not pay out in the event of death
- accidental death when driving under the influence of alcohol
- caused by suicide & self-Inflicted injury in the first year of policy.
- due to a non-disclosed pre-existing condition
- passive and active war risks
Some of the important points that should be considered while buying ULIPs:
- Ascertain your financial goals
- Choose the investment option seeing your risk appetite
- Choose your sum assured for a life cover
- Understand the charges
- Get details of policy tenure and lock in period
- Check if there is a switching facility
- Compare plans of different companies to identify the best suited for you.
Universal life insurance, also commonly referred to as a “UL” policy, is a form of life insurance that offers flexible premiums, a level or increasing death benefit, and a taxd eferred investment opportunity to the insured. With universal life insurance, the insured pays the premium of their life insurance as well as some additional money to “over fund the policy” and build a cas h value. This cash value gains interest overtime and may be borrowed from or used to subsidise the cost of the life insurance policy in the future.
A portion of the universal life insurance monthly premium is put into the cost of the life policy which will provide the death benefit to your beneficiary and another portion of the premium is invested so it can be used as investment savings. The concept is that the investment will grow over time and eventually may even be able to pay for the premiums of the life portion of the policy. The advantage in this situation would be that you could pay into for a certain number of years and the investments would eventually start to cover the cost of the premium, then you end up getting life insurance for whole life, yet don't need to keep making those payments.
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Flexible premiums.
You have the liberty to adjust the amount and timing of your payments to suit your financial situation. This feature is unique to universal life insurance and is ideal for those whose income fluctuates or who can’t commit to steady monthly payments. Keep in mind that this flexibility kicks in after you’ve paid your first premium and built up enough cash value. -
The premiums increase as you age. Unlike whole life, universal life premiums
can rise over time.
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Adjustable death benefit.
The flexibility of universal life policies extends to the death benefit as well, which you can adjust at will. The higher the death benefit, the more expensive your premiums will be. To increase coverage, you’ll most likely need to pass a medical exam. To lower it to a minimum amount, your insurer may apply surrender charges to the cash value of your policy. -
The interest rate is subject to change.
With universal life, you’ll earn interest on the cash value of your policy, but the rate isn’t fixed. It changes based on market conditions, without dipping below your policy’s guaranteed rate. This makes universal life a riskier investment, with potentially greater returns. -
Universal life doesn’t benefit from dividend payments.
If your insurer is a mutual company, you won’t receive any dividend payments on its profits. -
Lapse Protection
Certain universal life policies contain built-in lapse protection. Lapse protection guarantees that the policy will remain in force for a specified period up to the lifetime of the insured. The lapse protection premiums will vary according to the issue age, gender, face amount, length of lapse protection, and underwriting class of the proposed insured. Loans, partial surrenders, policy changes, or delinquent premiums may affect the length of the lapse protection and may cause loss of the lapse protection.
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Adjustable death benefit.
You basically have 2 options to choose from when deciding how you want death benefits to be paid to your beneficiary:
Type A Death Benefit or Level Death Benefit: You can choose a level death benefit, that starts off as one amount and stays level for the life of the policy, regardless of cash value. (known as “level death benefit” or “death benefit type A”).
Type B Death Benefit: The other option is a combination of a specific death benefit plus the cash value accumulation feature which builds over the life of the policy.
Rider can be added on at an extra cost. Most commonly used riders are:-
- Child Protection Rider: insure your children now and their future insurability
- Enhanced disability riders, which reduce the policyholder’s premium payments in case the policyholder becomes completely disabled.
- Term Insurance Rider: provide extra temporary protection on top of your permanent insurance.
- Accidental Death Benefit Rider: Pays an additional benefit if you die as a result of an accidental bodily injury before age 70 (may differ with different providers). Benefit doubles if the accidental bodily injury occurs while you are a fare-paying passenger within a public conveyance such as a train or aeroplane.
- Waiver of Premium: Waives all premiums (cost of insurance for your universal life policy and any riders) if you become totally disabled before age 65 ( as per chosen insurer) and you satisfy the waiting period. Premiums waived by this provision don’t have to be repaid. Your policy’s cash value remains intact and continues earning interest.
More Expensive:
This type of life insurance policy costs a lot more than other policies
in terms of premiums paid and fees, especially when you compare it to Term
Life Insurance for example. Universal life is usually 3 to 4 times the
cost of term.
Mortality Cost:
Be cautious when choosing your policy, because some offer 2 options. The
first is Level Cost of Insurance or “LCOI”, which means the amount of mortality
payment never changes. The second option is Yearly Renewable Term, which
means the mortality portion of the premium will change over time. It’s
relatively cheap if you buy the policy when you’re younger but gets progressively
more expensive over time. If your mortality expenses increase annually,
you’ll want to be sure to request illustrations frequently to be sure your
policy benefits are in good standing.
Repayment of Borrowed Cash Value:
Although borrowing against the accumulated cash value is convenient, you
have to pay it back. What’s even more inconvenient, the insurance company
will charge you interest. Beware that borrowing money on some universal
policies may also reduce your death benefit.
You Have to Monitor Your Cash Values:
This is not the type of policy you want to just stick in the drawer and
simply pay the premiums as they come due. You need to keep track of how
your cash value account is doing, and frequently request in force illustrations.
If you’re a person that is not too savvy about investments, this may not
be the best policy for you.
Interest Rates are Conservative:
If you’re hoping to contribute excess premiums into your policy and treat
universal life as an investment to make a lot of money, you may not get
the yields you’re looking for, as interest rates are relatively conservative.
Variable Universal Life Insurance (VUL) is a type of permanent life insurance that combines the flexibility of universal life insurance with the investment options of variable life insurance. It offers policyholders the ability to invest their policy's cash value in a range of investment options, allowing for potential growth alongside life insurance coverage.
Variable Universal Life Insurance covers:
• Death Benefit: If the insured person passes away, a death benefit is
paid out to the designated beneficiaries.
• Cash Value Growth: The policy's cash value can be invested in various
investment options, potentially leading to growth over time.
Extensions can include:
- Riders: Various riders can be added to the policy, such as critical illness, disability, or long-term care riders.
- Additional Coverage: Some policies allow for additional coverage, enhancing protection.
Exclusions might involve:
- Suicide Clause: Similar to other life insurance policies, there might be a suicide exclusion clause during the initial policy period.
- Fraud or Misrepresentation: Providing false or inaccurate information during the application process can lead to denied coverage.
Variable Universal Life Insurance provides coverage for the entire lifetime of the insured person, as long as the policy is in force.
The sum insured, also known as the death benefit, is the amount that will be paid out to beneficiaries upon the insured's death. The cash value component of the policy is not fixed and can vary based on investment performance.
- Death Benefit: Provides financial protection to loved ones in case of the insured's death.
- Investment Potential: The cash value component can be invested in various investment options, potentially allowing for growth over time.
- Flexibility: Policyholders can adjust the amount and timing of premium payments, and they have control over the investments within the policy.
- Tax Advantages: The policy's cash value grows tax-deferred, and loans or withdrawals from the policy may be tax-advantaged.
- Investment Risk: The investment component introduces risk, and the policy's cash value can fluctuate based on market performance.
- Premiums: Premiums for VUL policies are typically higher than those for basic term insurance due to the investment feature.
- Long-Term Commitment: Consistent premium payments are required to keep the policy in force and to build the cash value.
- Policy Management: Policyholders have the responsibility of managing the investments within the policy.
- Review and Adjust: Periodic review of the policy and investments is crucial to ensure they remain aligned with changing financial goals and needs.
Mining insurance is a specialized form of business insurance. It provides all of the coverage types and options need to properly insure mining company against the hazards of the industry.
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All-risk property provides protection for exposures large or small, above
or
below ground. - Mining equipment, as well as newly acquired equipment, is automatically included.
- Machinery breakdown provides protection for processing machinery and equipment that is vital to your operation.
- Business income, contingent business income and extra expense insurance are available for surface and processing facilities.
- Liability insurance provides protection for bodily injury, property damage, personal injury and advertising injury. It includes general liability insurance for mining and processing, as well as newly acquired or formed organizations.
The coverage is usually provided for a period of one year.
Mining, anywhere in the world is without doubt inherently hazardous with a clear potential to cause large scale losses with far reaching financial consequences.This will give to mining clients in operating in high-risk environments with a variety of third-party liability solutions.
Convertible Whole Life Insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured person. It comes with the unique feature of convertibility, allowing policyholders to convert a portion or the entirety of their policy into a different type of insurance, such as term life insurance or another form of permanent life insurance.
Convertible Whole Life Insurance covers:
- Lifetime Coverage: The policy offers coverage for the insured person's entire life, as long as premiums are paid.
- Death Benefit: In the event of the insured's death, a death benefit is paid out to the designated beneficiaries, which can provide financial support to loved ones.
- Riders: Various riders can be added to enhance the policy, such as critical illness, disability, or long-term care riders.
- Additional Coverage: Policyholders can choose to increase their coverage amount if their financial needs change.
- Suicide Clause: Most policies have a suicide exclusion clause during the initial policy period.
- Fraud or Misrepresentation: If the policyholder provides false or inaccurate information during the application process, it might lead to denied coverage.
Convertible Whole Life Insurance offers coverage for the entire lifetime of the insured person, as long as the policy is kept in force by paying the required premiums.
The sum insured, also known as the death benefit, is the amount that will be paid out to beneficiaries upon the insured person's death. It should be chosen based on the financial needs of beneficiaries, including income replacement, debt coverage, and future expenses.
- Lifetime Protection: The policy provides lifelong coverage, ensuring that beneficiaries receive a death benefit whenever the insured person passes away.
- Cash Value Accumulation: Convertible Whole Life Insurance accumulates a cash value over time, which can be borrowed against or used for various financial needs.
- Convertibility Option: The unique feature of convertibility allows policyholders to change their coverage into another type of insurance without undergoing a medical exam, offering flexibility as needs change.
- Flexibility: The convertibility option provides policyholders with flexibility to adjust their coverage to match changing financial circumstances.
- Long-Term Commitment: Convertible Whole Life Insurance is a long-term commitment that involves consistent premium payments over many years.
- Premiums: Premiums for this type of insurance tend to be higher compared to term life insurance due to the cash value component and lifelong coverage.
- Investment Component: The cash value accumulation can serve as a form of savings or investment, offering potential financial benefits.
- Tax Advantages: The cash value component of the policy often grows tax-deferred, and policy loans may be tax-free if structured correctly.
- Review and Adjust: Periodic review of the policy is important to ensure that it still aligns with the policyholder's financial goals and needs.
