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General Reinsurance UK Endowment Life Insurance
Proper Endowment Life Insurance for you
An endowment life insurance policy at General Reinsurance UK endows you with a life cover that comes with a savings plan. The client and the insurer agree on a certain period for the life of the policy. The minimum duration for the life of the policy is ten years. However, the existence of the policy can also be 15 years, 20 years and so forth until a certain stipulated policy life limit. On the death of the policy, that is, when the endowment plan matures, a lump sum is paid. Some endowment plans give an opportunity to pay out in case of serious sickness.
With an endowment life insurance plan, a cash sum is paid either on the maturity of the policy, or on the death of the policy holder, whichever comes first. A predetermined amount is dished out to the beneficiaries of the policy in the event of death of the policy holder. On the maturity of the plan, an agreed amount is given to the policy holder. Bonuses are topped up on the plan yearly. The bonuses are guaranteed once added.
Payments can also be surrendered or done earlier, and the policy holder given the surrender value. The amount given as surrender value is determined by the insurer and depends on how much the policy holder has paid into the policy. It also depends on the length of time the policy has been running.
On maturity or death of the policy, the sum payable is the amount guaranteed together with any annual and terminal extras accrued during the life of the insurance policy.
Joint or single life insurance
Naturally, couples feel the desire to have a joint life cover. However, this may not be the ideal life cover for you because for one, it is not cheaper than two single life insurance plans. That is not the only adversity of a joint plan when compared to single cover. The worst is; a joint cover pays only once when a partner dies. The surviving partner is left without cover. If the surviving partner opts to buy another cover, s/he will pay more. This is because you expect the partners to be older by then.
General Reinsurance UK aspires to endow you with more flexibility in your life insurance. We know what is best for you and we don’t lie to you. We advice you accordingly and it’s only for your own convenience.
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