For policyholders with policies on the brink of maturing, the pay-out of the full sum-assured is certainly an eagerly anticipated moment. For some, this particular moment has been 30 years in the making. But what happens when you outlive your policy?
Life Insurance with dual purpose
The great thing about life insurance with Sacos is that they can serve dual purposes. It is both designed as a savings option for the policyholder and as a potential source of inheritance for their loved ones.
Almost all our policies pass on the sum assured to beneficiaries upon death of the policyholder during the term of policy.
Downside to a matured policy
The only downside to a policy maturing, and it’s the only one, is that the life of the policyholder is no longer covered. This means that in future, in the event of their unfortunate passing, they might not have any life insurance to pass on to their loved ones.
Say you took a SCR300,000 Sacos Special Plan 30 years ago and it is set to mature in a month. This means that from December, your life is no longer covered.
After that SCR300,000 is spent, there might not be much left behind for your loved ones to inherit.
Consider a second life insurance policy
Budget, age and health factors permitting, a second life insurance policy may be what you need if you want to take care of your loved ones after your policy matures.
There is also no reason to really wait for the current policy to mature. Policyholders are allowed to take out a second life insurance.
Some parents opt for a Junior Plan to supplement their own as protection for their children. Some choose fixed long term policies that can last before retirement age. And still some choose the Special Whole Life Assurance to supplement their retirement income.
You can go through the list of life insurance policies on our website to choose a secondary policy suited to your needs. You can also contact us on 429 5000 or life@sacos.sc for more information on our life insurance policies.
