The need for a Policy

The longer you wait the more expensive the premium cost is due to old age

• We have affordable life contracts for your personal needs. The returns by way of bonus addition is much higher than normal bank savings.
• The need for financial protection is even greater when only one member of the family is working. A life policy will help ease the burden and pressure of an unexpected event.
• Be a responsible parent or a family leader by taking up a life cover now while you are still economically active and full of life.
• Give yourself the real peace of mind by taking out a life policy with Samoa Life

Classes of Life Policies

Term or Temporary

TERM LIFE (or Temporary Insurance) is mainly for financial protection and premium rates are cheap compared to permanent cover. The sum assured is payable only in the event of death within a set period of years.

The minimum term is 10 years. Once the policy is on risk, premiums payable remain unchanged until after 10 years. Should the life assured survives the term of insurance the policy then expires. Term insurance do not earn bonuses nor does it have a loan value.

It is normally taken up for protection of loan debts, provision of funeral costs or ready cash for business purpose in case of death of a key-man in the business, partner or shareholder.

Basic or Permanent

PERMANENT ASSURANCE includes Endowment and Whole Life. These types of policies are the most popular with the local community and combines both protection and savings during a selected term. The sums assured are payable either on prior death or after reaching the selected term.

Premiums are more expensive than term insurance. Endowment and Whole Life policies earn bonuses which are added to the sum assured and payable on maturity or on prior death. These policies acquire a loan value upon which a policy loan may be granted using the policy as security.

General

There are also other types of policies and extra benefits which will be explained in details in later issues such as children's policies, group insurance, accident benefit and waiver premium for death and disability. It is important to note that premiums on any life policy depends largely on the amount of insurance cover, the period or term of cover and the age of the life assured.

The type of policy and the level of cover must be carefully worked out not only to meet your needs but is also affordable. The longer you delay your decision the expensive premiums will be. So make up your mind now and invest wisely with a Samoa Life policy. All monies are retained in Samoa for the benefit of its own people.