Knowing which life insurance plan you should select can be complicated, especially if you are not familiar with life insurance.
Selecting the perfect life insurance, is a matter of deciding what works best for you. What are your goals? What are your primary objectives of taking out a life insurance? To help you out, we have provided a brief explanation of the types of life insurance plans we have and how they work.
Cash Payment in the Long Term
If your goal is to receive a cash payment in the long term, then the plan you should consider is one which provides you a lump sum payment in 20 or more years down the line. These include the Double Security Plan, the Endowment Assurance Plan and the Sacos Special Plan. Except for the Sacos Special Plan, you will not be able to receive cash payments during the term of your policy unless you apply for a cash advance against your policy.
Cash Payment at Regular Intervals
If your goal is to receive cash payments at regular intervals, then the plan you should consider is one which pays a percentage of the sum assured every few years. These include the Sacos Exclusive Plan, the Sacos Special Plan, the Special Endowment Assurance Plan and the Special Whole Life Assurance Plan. Except for the Sacos Special Plan, at the end of policy term, you will receive the remainder of the sum assured. The Special Whole Life Assurance Plan is the only plan where you can stop the payment of premium when you reach the age of sixty, but you continue to receive cash payments at regular intervals until the day you pass away.
Cash Benefit for your Family
If the primary objective of taking a life insurance is to be able to cater for your family, then in all honesty all these plans will do that for you. If you happen to pass away before the end of your policy term, your beneficiaries will receive the full sum assured of your policy. There are however special plans that go the extra mile to consider family matters. The Double Security Plan pays out twice the sum assured in the event of your death. The Junior Plan is a specially-designed plan for children between the ages of 1 and 10. The Sacos Education Plan is designed to cater for school related costs such as secondary school or university tuition fees.
If any of the above life insurance plans satisfy your goals, take the next step by requesting a quote on our website, sending an email to life@sacos.sc or call us on 429 5000.
