When it's about your life, we won't keep your questions unanswered
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Why do I need life insurance?
We all are mortals, definite to die some day or the other. Left behind would be the family which was till now, dependent on you for financial support. Buying an insurance for your life would certify that, your family would not be left under torn skies after your demise. The insurance would cover them financially. It is absolutely necessary that you buy that peace of mind that your family would not suffer a sudden change in standard of living. The financial chores that you took care of till now will be taken care of by the lump-some insurance amount, they would receive in your absence. -
How does life insurance work?
It is absolutely simple. It works like any other saving transaction, the only difference is in the principal premium amounts and the interest rates at which your principal is compounded. Your agent would advise you the amount you should be paying each month, so that you receive your desired lump of money later on. The interest rate and your premium amount would again be dependent on the policy that you are buying. After your policy period expires, you would get your money back, along with the accumulated interest amount. If, before the policy period end, something goes wrong, then your nominee would be entitled to the entire amount. Hence, it is important to choose your nominee carefully. -
Are there different types of policies?
Yes, there are many different kinds of policies, fit to fulfill different requirements. There are term and universal plans as also separate plans for individuals and organizations or businesses. But most important and most beneficial are the term plans. A term policy, that involves a premium of US$1000 per year may buy as much as US$1MM of life insurance. It is the most yielding and increases monetary value more than any other existing plan. -
How much Insurance do I need?
Well, that solely depends on how much you need in the future and what your intention of buying an insurance policy is! A thoughtful criteria would be, invest as much as you can in your insurance policy. This will ensure unbeatable security for your and your family's future. Greater the principal amount, more would powerful would be the effect of interest compounding. This ensures greater returns. -
I have health insurance is that enough?
Health insurance is meant to relieve you from the burden of heavy hospital bills when you meet some serious health problem in your life. It is not meant to cover you in case of your death. It is good to have a health insurance in your name, but no, it is not enough. Taking a life cover you protect you from the uncertain wilderness, your family would be exposed to in case you die. That security is much greater than the petty financial cover a health insurance provides. -
I have insurance through my employer, is that enough?
No, it is not enough. When you are protected through your employer, it applies to you only as long as you stay with that employer. The moment you change your job, or decide on leaving the present one, due to any arbitrary reason, your cover expires. What then? It wonderful that your employer is covering you, by way of insurance. But that is never, never enough. Have your insurance in your name, that is the best and the safest way to a safeguarded future. -
How do i decide the term of my policy?
Term, in insurance vocabulary, would mean the number of years you are buying your insurance cover for. It depends upon the reason, which you are keeping in purview, while you are buying your insurance. If you wish to go for a meaningful investment, possibly, till the time you retire, or till your children grow up, you can go for term insurance plans of 15, 20, 25 or 30 years. If however, financially covering your family after your death is your motive, then it is better to go for the life plan, wherein, your nominee would be entitled to the entire amount that you have saved up till now. -
Are life insurance premium in Cayman Islands guaranteed?
Absolutely! The premium amounts are bound to remain the same as long as you continue to pay them regularly. As long as you continue to pay , your premium amounts would be unchanged. If however, you stop paying, your premium amount would get piling up. After your term is over, getting your money back is also easy and definite. -
What type of life insurance is right for me?
If you are willing to take something that is generic, yet beneficial, go for term insurance. It pays back the most and fits almost all requirements. Term Insurance might give you a 15, 20 or 30 years of cover, beyond which you would receive back your money. There is a term insurance for life as well, which covers you till you die. Thereafter, your nominee gets back the amount that you were due for. If however, your needs are more specific, you can go for other insurance plans. It is best to consult you Cayman Life Insurance agent to decide on which type of insurance plan is the perfect one for you. -
If I am an expat do I still take a life Insurance in Cayman?
Definitely, yes! When you are staying on the islands, you must take an insurance plan that protects you here! The reason is, Life Insurance protection for Mortgages with local banks will require that the life companies be registered in the Cayman islands. -
I have a pre existing medical condition, What should I do?
For that, you would have to ask your agent for the appropriate advice. In most cases, that should not be much of a problem! -
I am over 50 can I still buy Life Insurance?
Yes, yo can, with Life Insurance Cayman, you can buy yourself an insurance cover till the point you reach 85. So there is no worrying about your age. -
Are there any extras I can add to my policy?
Yes, they are called RIDERS. For example, extras such as disability insurance, critical illness insurance and so on can be added to the newly bought policy or an existing policy at an extra cost. -
Do I need to take a separate policy for my wife and kids?
Again, that depends on what you want. Yes, you may have separate policies, but at Life Insurance Cayman, everyone, father, mother, and children can be covered under one policy. This type of coverage is best when you are 18 through 35 years of age. It is truly yielding to have this policy get running for you. You would be saved from the hassle of maintaining different policy accounts. -
Can I make changes to my policy?
Yes, you can, but only till 20 days from the day you have bought the policy. No changes to policy are allowed after that. -
Are there any exclusions?
Yes, there are some of them. Any serious illness like cancer, AIDS or any probability to face any kind of severe threat to life in the near future, like excessively high cholesterol that is sure to lead to heart attack or acute lung condition due to excessive smoking and many more similar conditions can lead to closure of the application. In such a case, the client would need to wait for up to 3 years or more, get free from all kinds of lethal ailments, and then reapply for insurance coverage. The case would be hence considered. -
Will my Life Insurance cover my funeral costs?
A life insurance is not meant to take care of any specific cost or expense. If you are looking for something that would take care of only your funeral, it is advisable you go for the final expense insurance. If however, your life insurance premiums are huge and abundant, much more than your funeral costs can be covered. -
Do you have a joint life insurance policy?
Yes, we have. It is possible to cover a couple (husband and white) under the same policy. It is called an umbrella policy. -
I am pregnant. May I buy a Life Insurance for myself?
Yes, but well before you are 4 months pregnant. After that, you would have to wait until your child is born. It is possible to apply for life insurance after that. -
I am a heavy smoker can I still get life insurance?
Yes you can. But rates would differ. We have different rate for heavy smokers as compared to light smokers. Accordingly, your premium would increase if you are a heavy smoker. -
What is Mortgage Life Insurance? How can it benefit me?
Mortgage insurance is designed to repay your debts to the banks, the credit card companies or just anyone you owe after you die. Your agent is best qualified to suggest the extent of your coverage. -
What is decreasing term life insurance?
No decreasing term life insurance available in Cayman, thank goodness, as we do not consider decreasing term as life insurance; it is simply a debt canceling decreasing coverage, to pay out for one debt only.
