Frequently Asked Questions:

  • Question: Why is life insurance so important?

  • Answer: Generally, people take out life insurance because they wish to provide cover in the event of their death for their loved ones – this would be to pay off a mortgage or perhaps they are the sole breadwinner and wish to provide a fixed income or lump sum for their family and dependents. Life insurance is also helpful for tax saving.

  • Question: What is the difference between life insurance and life assurance?

  • Answer: The terms 'insurance' and 'assurance' are sometimes confused – life insurance is a more popular term. The term 'assurance' is the provision of cover for an event that will definitely happen but insurance is cover for an event that might happen.

  • Question: Do I need a personal life insurance policy if I have group coverage through work?

  • Answer: Group policies are a great benefit for employees but are generally only in force while you are employed with that company. So, if you leave the company or retire, you may be without coverage. Therefore, a personal life policy assures adequate coverage regardless of your employment and may provide coverage after retirement when you are older, which often means significantly higher premiums.

  • Question: Do I need life insurance if I'm single and have no family depending on me?

  • Answer: Quite possibly. While you may not have a spouse or family depending on your income to get through life, you may have debts and final expenses that someone will be responsible for. Also, if you are a younger single person, you have the advantage of being more insurable and, therefore, can get much better rates or take advantage of a Endowment with whole life policy which can build significant cash value over the years.

  • Question: Do I need life insurance for my child?

  • Answer: There are great advantages to purchasing a policy for a child. While the growing of child , a cost that continues to grow, and can, therefore, cause financial strain. Also, a child is at his or her most insurable stage, which assures low premiums for a long period of time and will prepare them for a more financially secure future. They can also take advantage of a Gurans Bal Surakshya or Gurans Naulo Bal Surakshya policy which can build significant cash value over the years.

  • Question: Do I need life insurance if I'm a senior?

  • Answer: Life insurance can be a very valuable tool for seniors preparing for the future. Usually in later years, dependent children, mortgage and other debt is gone. However, you must consider your spouse or family who may still rely on support from you and will be responsible for your final arrangements. A life policy can also help supplement any social security benefits that you and your spouse receive.