1. Who needs life insurance?
If someone depends on you financially, you probably need life insurance. If you're a breadwinner, life insurance can provide critical financial support to your loved ones if you die prematurely. Permanent life insurance can also help you establish a fund you can access for planned life events like college or retirement, or for emergencies and opportunities. Later in life, it can help you transfer your wealth to the next generation.
2. How do I know how much life insurance I need?
You can start by identifying what you want your life insurance to do. For example, if you're a breadwinner, you probably want your life insurance to replace your income for a certain number of years in case something happens to you. Most experts say you should consider life insurance coverage worth five years of your current income.
Life insurance can also help ensure funds are there for college tuition, final expenses and to cover outstanding debt.
3. Why buy life insurance?
One of the most important reasons to purchase life insurance is to ensure your loved ones are provided for financially. Life insurance is also useful in helping your survivors pay bills and debts after your death, as well as for funeral expenses. It may be used for wealth accumulation and distribution as part of an overall financial strategy.
4. What type of policy should I buy?
5. Do I need to have a medical exam?
If the requested Sum Assured is beyond the Free Medical Limit, ZSIC Life requires a medical exam to be undertaken at its cost.
6. What factors generally drive insurance calculations?
Premium rates for life insurance are typically based on factors such as:
- Age, gender, height, and weight
- Health status, including whether or not you use tobacco or nicotine
- Participation in high-risk activities or occupations
- Amount of cover desired
7. What if I already have insurance coverage?
Even if you already have a life insurance policy, it's a good idea to review it periodically to make sure it still meets your new needs. There are times in life you need to take a look at your financial situation, such as if you:
- Were recently married
- Had a new family addition
- Have children or grandchildren who are about to enter college
- Provide care or financial help to a child or elderly parent
- Retired or your spouse has retired
- Started a business
- Changed your job or salary
8. Do I need to meet with an agent?
9. How long does approval take?
Depending on the type of insurance and the steps involved, it may take as little as several days or as much as several weeks for a policy to be approved. Upon approval, a letter of acceptance shall be sent to you.
10. Do you have some written information you can send me?
11. What are the different types of life insurance?
I. Employee Benefits
Every employer wants the best for their employees likewise employees expect the best from their employers. ZSIC Life understands that for a business to flourish employers must ensure that the employees are well motivated. We have over the years developed and customised our product range to cater for the needs of employees and employers to help cushion financial obligations that may arise whilst the employee is in service to an organisation.
II. Financial Protection & Savings Products
The policies offered under this category are unique in guaranteeing the delivery of financial security at precisely the moment it is needed either at maturity or premature death. Thus, these policies offer families a peace of mind as there is immediate financial protection for the dependents in the event of the premature death of the Life Assured who often is the bread winner.
III. Investment Plans
Investment Plans are unit linked life insurance plans that understand your concern and provides investment growth along with comprehensive protection. The policy term is 5 (five) years or earlier death of the policyholder. Premiums are payable until maturity or earlier death of the policyholder.
IV. Financial Planning
Policies covered under this category guarantee payment of funds to a beneficiary on the death of a Policy Holder. The policy also has provisions of pre-determined instalment payments at set intervals. Loans on policy can also be obtained. The policy term is for the lifetime of a policy holder. Premiums are payable till death
V. Retirement Plans
A Pension Scheme is a well-recognized moral obligation worldwide for employers to put in place a pension plan for their employees. The Pension is a form of appreciation by the employer to an employee who has faithfully served the institution. In return for periodical payments made by both the employer and the employee called contributions.
12. What if my life insurance needs change?
Life moves quickly and often coverage that was right at the time you purchased it may not be the best fit down the road. ZSIC Life offers the option to convert policy coverage when it's a better fit for your needs and budget. You can also consider a whole life policy that may allow you to increase or decrease your coverage after you purchase the policy, as long as you follow the guidelines in your policy terms and conditions.
13. What are policy 'riders'?
Policy riders are additional benefits under an existing insurance policy that provides additional coverage to an insurance policy. Generally, policy riders are sold as add-ons to an insurance policy at an extra but often nominal premium.