Life insurance (or life assurance) is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life-based contracts tend to fall into two major categories:
Whole Life (Permanent Life) insurance provides a lifetime of protection with premiums typically remaining level throughout the life of the policy. Some Whole Life policies allow premium payments for a shorter period, such as 20 years, with lifetime protection. Whole Life policies generate cash values, which, subject to the terms of the policy purchased, may be borrowed by the policy owner. If the policy is surrendered, the accumulated cash value is payable to the policy owner. Additionally, some Whole Life policies (Participating Plans) will return dividends to policy owners based on the performance of the company. These dividends may be withdrawn in cash, left on deposit to accumulate with interest or used to purchase additional insurance regardless of the policy owner’s health.
Term Life insurance is typically the least expensive coverage, providing basic life insurance protection for a specific period of time. Term insurance is often chosen by people who need temporary life coverage – for example to cover the period of a mortgage – or for those with a limited budget needing a large amount of protection. Term insurance is often used to cover the life of a key employee for a specific period of time to protect the continuity of business operations. Unlike Whole Life insurance, Term Life insurance has no cash values and once the term expires insurance coverage ends. Term policies typically allow you to convert to a permanent plan without a medical examination.
BMGIA offers Term Life plans from all of the top Insurance companies in The Bahamas. We have been designed these options to meet the varying needs of persons seeking temporary coverage or maximum protection for minimum cost.
Providing coverage for a specific period
Providing life insurance protection at fixed premium rates to age 100 and convertible to a permanent plan without evidence of insurability
Increasing the coverage of the husband and wife team to protect the family. This Rider provides Term insurance for a spouse that can be attached to any permanent plan of insurance on the life of the other spouse.
Providing family coverage. This Rider provides Term insurance for a child that can be attached to any permanent plan of insurance on the life of a parent. Future children are automatically covered.
“Life Insurance is a financial tool that was designed to help individuals accomplish a variety of financial goals. Most commonly, it provides for dependent family members in case of premature death of the insured. BMGIA provides options from the top Insurance Companies in The Bahamas and gives you an overview of rates to fit your unique needs and budget. Start the Process today to insure you are covered for loss of life, retirement on when purchasing a home.”
BMGIA provides a comprehensive choice of Whole Life and Term Life plans that our sales representatives can discuss in detail with you to help you select the right plan for your individual needs: