Why you need a Policy?
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- Why Need a Policy
As your national life insurer we urge all income earners to consider an insurance policy with your country’s own life office for personal savings and financial protection of your loved ones. A life policy is no doubt the best form of providing for future needs as well as immediate cash benefits in case of untimely death.
The need for a Policy
The longer you wait the more expensive the premium cost is due to old age
- We have affordable life contracts for your personal needs. The returns by way of bonus addition is much higher than normal bank savings.
- The need for financial protection is even greater when only one member of the family is working. A life policy will help ease the burden and pressure of an unexpected event.
- Be a responsible parent or a family leader by taking up a life cover now while you are still economically active and full of life.
- Give yourself the real peace of mind by taking out a life policy with Samoa Life
Classes of Life Policies
Term or Temporary
TERM LIFE (or Temporary Insurance) is mainly for financial protection and premium rates are cheap compared to permanent cover. The sum assured is payable only in the event of death within a set period of years.
The minimum term is 10 years. Once the policy is on risk, premiums payable remain unchanged until after 10 years. Should the life assured survives the term of insurance the policy then expires. Term insurance do not earn bonuses nor does it have a loan value.
It is normally taken up for protection of loan debts, provision of funeral costs or ready cash for business purpose in case of death of a key-man in the business, partner or shareholder.