The Friendship of Life Insurance
In many ways life insurance is like a friendship in that:
What are the DM options?
Demerara Mutual Life offers you renewable term insurance plan. This plan is the first building block of your financial future.
Term Insurance is a cost effective way of ensuring that your partner or your children are not deprived of their family home, it is sufficient to clear the balance of a mortgage.
Term Insurance provides peace of mind, should something fatal happen to you, your dependents will benefit by way of a cash payment.
Those whom you leave behind are financially secured against the loss of earnings, maintaining your family’s standard of living.
Term Insurance gives you the collateral you’ve always wanted to apply for mortgages or major loans. If you are disabled for over six months, Term Insurance can pay the premiums during that time and in case of an accident, your family can receive twice the sum assured.
There are many options with Term Insurance:
- Term Insurance 5 years
- Term Insurance 10 years
- Term Insurance 20 years
- Term Insurance to age 65
Universal Life Insurance
Demerara Mutual Life offers the Universal Life Insurance plan. Universal Life Insurance is a flexible plan to suit your changing needs.
Unlike a traditional life insurance policy, where the death benefit is set in stone and you pay a minimum premium amount each year, with Universal Life Insurance, you can pay premiums as much and as often as you choose. If you are able to make increased payments and you can prove that you are in good health, your Universal Life Insurance Policy will allow you to increase the amount of your death benefit.
If you acquire surplus funds, you can put your excess money into your Universal Life Insurance Policy and jump-start the accumulation of the cash value of your policy. The policy allows for withdrawals but this will however, reduce your death benefit.
Whole of Life Insurance
Whole Life Insurance often serves as the foundation to any plan. A whole life insurance policy covers you for your entire life, not just for a specific period as in term insurance. The primary benefit of whole life is that a payout is guaranteed. A whole life insurance is a contract with level premiums that has both insurance and an investment component. The insurance component pays a stated amount upon the demise of the insured. The investment component accumulates a cash value that the policy holder can withdraw or borrow against. Demlife has several options for whole life insurance which includes participating and non-participating policies. These products are marketed as Super Life Protectors and Super Protectors insurance life plans.
Demerara Mutual Life offers Critical Illness Insurance, we smoothen the way for you and prepare your family for the unexpected.
Critical Illness Insurance is designed to be paid out as a lump sum benefit, free of income tax, in event that you are diagonsed with any of the serious or critical illnesses as defined in your policy. These include: cancer, multiple sclerosis, kidney failure, stroke and heart disease.
This policy can compensate the loss of your earning power during the time of your illness, make alterations to your home to accommodate you e.g. alter your home if you can no longer use the stairs or pay off the balance of your mortgage which will provide enormous peace of mind should you become unable to earn and therefore unable to continue making mortgage payments.
Final Expenses Plan
Demerara Mutual Life offers the Final Expenses Plan which is funeral expense insurance. For a small premium that costs you less than a bus ticket Demerara Mutual will cover your funeral expenses. The Final Expenses Plan helps you make responsible choices for your last expenses on earth.
There are lots of reasons to plan and also provide for your funeral long before the need arises. With this coverage you can plan many details of your funeral including what products and services it will entail. The Final Expenses Plan allows you to have the funeral you want without having to burden your family with the financial aspect of it – especially in the present financial environment where funeral costs are on the rise. There are three (3) types of Final Expenses Plan Plans:
- G.I.P. Easy
- G.I.P. Super
- G.I.P. De Luxe
The Final Expenses Plan will ensure that your loved ones have one less worry during their time of mourning.