What is the U for Life - Life Cover about?
Have you thought about the worst-case scenario for your family's finances? If you were to pass away or become fully handicapped tomorrow, can you guarantee that your loved ones will have enough to get by for years to come?
With the U for Life - Life Cover underwritten by Tokio Marine Life Insurance Malaysia Bhd., all will be taken cared for to meet your family's financial needs such as daily living expenses, university fees, and even funeral costs.
This is a yearly renewable protection insurance plan that'll cover you, your children, and your spouse up til you reach the age of 75 with a maximum sum assured of RM500,000.
Okay, so what's great about this term life insurance policy?
Upon your death or Total and Permanent Disability ( TPD) before you reach the age of 65, those who matter the most will be given a lump-sum payment equal to your original sum assured.
If you become fully disabled or die in an accident such as a car crash before your 65th birthday, this policy will payout 200% your sum assured. For example, if you originally bought the U for Life - Life Cover for RM100,000 sum assured, your next of kin will be guaranteed to be rewarded with RM200,000.
What's the maximum my family will get when I die or become disabled?
How much cash compensation your family will get all depends on your age at the time of accident and your basic sum assured:
- Cash lump-sum of up to RM500,000 upon your death due to natural causes.
- Cash lump-sum of up to RM500,000 on Total and Permanent Disability ( TPD) before the age of 65.
- Double your basic cash lump-sum of up to RM 1,000,000 for death caused by accident before the age of 65.
Do I also get optional benefits for critical illness?
Yes, you'll be given the option to advance 25% of coverage as Critical Illness advanced payment in the event you suffer cancer, heart attack, stroke or undergoes heart bypass.
How much premium do I have to pay?
The total insurance premium that you have to pay varies depending on the sum assured chosen, age at entry, your status as a smoker, and your overall health.
This will help you to focus on your recovery instead of letting you family members scramble around to dig out cash from your savings accounts or borrow from relatives.
Who can buy this term life insurance plan?
To be eligible to buy the U for Life - Life Cover, you must be aged between 18 to 59 years old, have a Malaysian NRIC, a Malaysian home address, and live in either Malaysia, Singapore, USA, Canada, UK, NZ, Australia, Ireland, or Brunei. Once enrolled, you are allowed to renew your policy up to 75 years old.
Can I cancel my U for Life insurance policy anytime?
Buying a life insurance policy is a huge financial commitment. If you do not pay your premiums within the grace period of 30 days from your payment due date, your policy will expire.
This policy does not provide any surrender value, if you cancel your policy, coverage will continue until the next premium due date.