Whole Life

WHY MUST I BUY MUTUAL WHOLE LIFE INSURANCE?

Buying a Mutual Whole Life policy is a means of transferring the associated financial risk to Mutual Benefits, thereby mitigating an adverse economic loss.  Most insurance policies grant cover within a specified period; however, Mutual Whole Life policy grants you cover as long as you live. The policy acquires a surrender value after two years and automatic paid up value after three years.  The policy gives you the option of limiting your premium payment to a specified period while the cover granted will still continue for life

WHAT IS THE SCOPE OF COVER?

Primarily, the scope of cover is demise of the Policyholder.  However, the policy could be extended, at an additional premium, to cover other associated risks such as Critical Illness, Total Permanent Disability and/or Medical expenses

HOW DO I DETERMINE MY SUM ASSURED:

Your sum assured, which is the benefit payable to your beneficiaries in the event of demise, is usually recommended to be not less than five times your annual emolument.  This would however be a function of your ability to pay the corresponding premiums as and when due

WHAT ARE THE PREMIUM PAYMENT OPTIONS AVAILABLE?

Other than the option of paying your premium either annually, half-yearly, quarterly, monthly or making a single payment, you can also choose to pay your premium throughout your life time (ordinary whole life) or for a period limited to age 60, 65 or 70 years (limited premium whole life).  The minimum limited premium payment period is 10 years

WHAT IS THE MINIMUM ENTRY AGE?  

The minimum age at entry is 18 years, while the maximum is 60 years

HOW MUCH PREMIUM WILL I PAY?

The premium payable is determined by your age, the sum assured and preferred premium payment option.  For instance, if you are aged 30 years and you choose to pay your premium up to age 60 years, the premium payable is as little as N979 monthly for a sum assured of N1 million

CAN I INCREASE MY SUM ASSURED AFTER COMMENCEMENT?

Yes, you may choose to increase the sum assured anytime, while the policy is in force

WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION:

Not necessarily.  Medical examination is subject to the amount of sum assured

WHAT HAPPENS IF I TERMINATE THE POLICY?

The policy has a built-in savings element which qualifies you for a surrender/cash value after two years of full premium payment

WHAT HAPPENS IF I COULD NO LONGER PAY MY PREMIUMS?

In the event that you are unable to continue payment of the premiums (after 3 years of full premium payment) and you do not want to cash out, the policy will automatically be made Paid-Up.  Paid-Up Value is a reduced amount of sum assured which becomes payable in the event of demise subsequently. It is the ratio of the original sum assured that the total premiums paid bears to the total premiums payable.  We however encourage you to pay your premiums as and when due.

DOES THIS POLICY QUALIFY FOR TAX DEDUCTIBLE?

Yes, premiums paid are tax deductible

CLAIMS INFORMATION:

HOW CAN MY BENEFICIARIES MAKE CLAIM?

In the event of demise, the beneficiaries or legal representative should notify us through any of the following channels:

• Call our customer care telephone numbers: +234 905 464 4444

• Send us a mail at info@mutuallifeng.com

• Submit a notification letter to any of our branches nationwide

• Obtain, complete and return our claims form

The originals of the following substantiating documents will also be require for sighting:

• Medical certificate of cause of death

• Death or burial certificate

• Police report, if death is caused by accident

PAYMENT INFORMATION:

WHAT ARE THE CHANNELS AVAILABLE FOR PREMIUM PAYMENT?

The following channels are available for payment of your premium: