Do you have questions about the type of life insurance you best suits your situation ... How much protection you need, how long it should run, what it will cover?
Many people have asked these and similar questions about Life Insurance coverage, and that is why we have put together the Frequently Asked Questions (FAQ) listed below.
In our list of FAQ's you will find answers that can help you make an informed decision about securing the right insurance products for you and your loved ones.
Life insurance is an insurance that provides protection for your life (as the insured) from the financial risks that can arise as a result of unexpected incidents. With the protection of life insurance, those who are economically dependent on you will be financially secure.
Life insurance protects the financial well being of your family and your loved ones when it is needed most.
Life insurance is also used for investment purposes, retirement planning, protection against labor accidents, and financing children's education.
Nothing can replace you and the contribution you make to your family, but what happens when you can no longer be there for them? You want to make sure that the people in your life, especially your dependents, can remain financially secure after you die.
That's what life insurance does for you and your loved ones. It gives you peace of mind. Income replacement is the #1 reason why people buy life insurance.
Life insurance is also used to achieve specific business or estate planning goals.
Life insurance protects the financial well being of your family and your loved ones when it is needed most.
Term life insurance has become very popular with consumers in recent years because premiums for new policyholders have dropped to all-time lows.
AJB Bumiputera 1912 allows you to pay on a monthly, quarterly, semi-annual or annual basis, so whether you're a pay-all-at-once kind of person or you enjoy spreading it out each month, payment flexibility definitely makes term life insurance very affordable.
Your life changes constantly, right? From purchasing a new home to getting married or having children to starting a business or even retiring, your life and your financial situation are in a constant state of flux.
Because the financial needs of your loved ones change over time, you should take a look at your life insurance policy periodically.
AJB Bumiputera 1912 suggests you review your life insurance coverage at least once every five years or whenever you experience a major life event such as change of income or assets, marriage, divorce, retirement, the birth or adoption of a child, or purchase of a major item such as a house or business.
The standard term life policy covers death by any cause at any time in any place, except for death by suicide within the first two policy years (one year in some states), as long as it's within the term of your policy.
You will need to discuss heart disease, cancer, diabetes and other serious illnesses during the application process.
Expect to also be asked about heart disease or cancer in your family and whether or not you engage in any risky hobbies or activities.
The insurance company will only provide insurance benefits to people who have an insurable interest with you. They can be family members or designated individuals.
If you were to die, consider what your spouse and dependents would need to maintain the standard of living and financial stability you would want for them. This should cover day-to-day as well as larger expenses. Don't forget to include savings for college and retirement. Also consider the effect of inflation overtime; the amount needed, say, twenty years from now is likely to be significantly higher than today.
Because you are entrusting them with the financial security of you and your family.
In addition to being financially secure, the life insurance company you choose should have a good claims payment history, good customer service and competitive pricing.
Premium rates for life insurance are typically based on factors such as :
• age, sex, height and weight
• health status, including whether or not you smoke
• participation in high-risk activities or occupations
The type of policy you purchase will also affect the amount of the premium. Rates for term insurance are typically lower, at least at younger ages. Premium rates for permanent policies like whole life are typically higher at earlier ages, but do not increase as you age.
If you or your family need to make a claim, you can be sure that we will make the whole process as smooth as possible.
If you have been diagnosed with a terminal illness, contact us and we will help you fill in a claim form and contact your doctor for all the information we need.
In the event of your death, your family or representatives should call or write to us as soon as possible and we will let them know what we need to sort out the claim.
Detailed information can be found via:
1. Insurance consultation on the AJB Bumiputera 1912's website
2. Hotline : Halo Bumiputera 08001881912
3. SMS gateway : 0811881912
4. Email product information : customercare@bumiputera.com
5. Email general information about AJB Bumiputera 1912 : info@bumiputera.com
Back to Top