WHOLE OF LIFE ASSURANCE (Inisiua o le Soifua Atoa)
The cheapest form of long-term permanent protection. The sum assured and bonuses are payable at death no matter how soon or late that may occur. Even though cover would continue, premiums can be limited to any age from 50 onwards. Loan and cash surrender values apply. Can be converted to shorter term endowment assurance if circumstances change. Ideal base for first policy giving permanent family protection combined with flexibility for "living needs".
ENDOWMENT ASSURANCE (Inisiua Tumau Faavaitaimi)
A very popular contract combining protection and savings during selected term. The sum insured and bonuses are payable at the end of the term or upon death if this occurs earlier. Loan and cash surrender values apply. Excellent means of providing for some special purpose, e.g. new home, overseas trip, or personal retirement, at the same time offering financial protection for dependants.
Can be either Whole of Life or Endowment Assurances. Generally an additional benefit is included whereby if the parent affecting the policy dies before the child, future premiums will be waived by Samoa Life. One way to ensure the financial plans parents make for their children can be fulfilled whether the parent lives or dies.
TERM OR TEMPORARY ASSURANCE (Inisiua le Tumau)
These policies provide the cheapest form of life insurance protection. The sum assured is only payable in the event of death within a specified period of years. There are no bonus additions and no loan or surrender values. Generally, a provision is included to allow conversion to Whole of Life or Endowment Assurance at any time during the term without any medical evidence being required. Term policies can be effected separately or as part of a package programme combine with Whole of Life or Endowment Assurances. The cheapest way for anyone with family responsibilities to ensure their dependants are financially protected in the event of untimely death.
"MONEY-BACK" TERM ASSURANCE"
This contract provides for payment of the sum assured if death occurs within the term or a FULL REFUND OF ALL YEARLY PREMIUMS PAID when the life assured SURVIVES TO THE END OF THE TERM. It can also be renewed or converted at the end of each ten-year period. Combines the best of cheap protection and some savings element.
For a very small extra charge, arrangements can be made for double the sum insured of Whole of Life or Endowment Assurances to be paid if death occurs accidentally. A "must" for almost everyone, but particularly for younger people where the most likely cause of death will be accident rather than sickness or disease.