• Tuesday, May 28, 2024
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BusinessDay

Wishing to give aged parents proper farewell, take insurance

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In our society today, issues bothering on burial ceremony and last respect for a dead loved one is no more taken for granted despite the hardening economic situation?  Even as Africans, our culture has put a burden on us to show “that last respect” particularly to parents when they depart to the great beyond.

How one will cope with this sudden financial expense when it comes is the issue because most a times death does not give notice.

Insurance therefore has come with a reprieve, providing savings plan that will enable people and families have proper and one-in-town burial ceremony for their loved ones.

Many insurance companies in the country today have products that assist people achieve seamless burial expenses at death of their loved ones.

Among the insurance companies CrystaLife Assurance, Niger Insurance plc, Royal Exchange Prudential Life, Crusader Life among others has one form of burial plan or another.

CrystaLife Assurance Company Limited has designed “Everlasting Love” in appreciation of our rich culture, which upholds that our loved ones be buried with dignity whatever the circumstances.

Everlasting Love the company said is a family Burial plan designed to put one’s mind at ease by ensuring the ability to meet up with funeral expenses whenever the situation arises.

This plan would ensure that ready cash is available to meet the funeral and other immediate expenses arising from the death of not only an immediate family member but also the extended family as well.                         

• Everlasting Love provides fund for burial expenses of the loved ones. 

• The policy provides cover for as many as 6 members which include self, spouse, immediate and wider family members. 

• Premium payable on Everlasting Love is very affordable. 

• Premium payment by Policyholder would cease at age 65 thereafter cover would be for the rest of life. 

• Up to N250,000 life cover can be provided on each member. 

• The minimum duration of the police is 5 years. 

• Age of the Policyholder must be admitted at inception of the policy.

• Everlasting Love enables policyholders to fulfill one of our important cultural obligations      (i.e. funeral rites for age/loved ones 

• No medical examination would be required on the proposer. 

• Premiums are calculated annually but for convenience of policy holders, half yearly and quarterly installments are allowed. 

• There is also a Single Premium option. 

• Continuous settlement of claim on the policy until the exit of the last claimant. 

• Premiums on the plan are paid by the policyholder who is the life assured. 

• In event of the death of the life assured, future premium ceases whilst benefit on policy holder becomes payable immediately to meet funeral expenses. 

• Benefits on other nominated members of the policy would become paid-up and claim\s on them will be settled as they occur. 

• Policy must be in force for at least 12 months before death claims are entertained (except in cases of accidental death).

MODESTUS ANAESORONYE