• First Africa Life • Why Buy Term
Update yourself with the right information
on Life Insurance
The Cost of Convinience
THE COST OF CONVENIENCEDo you Know? How much do you pay for convenience?When you take up a loan, you may think that it is the convenient and easy way to solve your financial challenges.BUT THINK AGAIN! The interest that you would end up paying on the loan facility could, be a lot more than you […]
Build Investments
Where do I begin? MUTUAL FUNDS are one of the best investment options available today. They offer an opportunity to participate on the stock market without having to select and manage individual investments yourself. As an investor it gives you the ability to participate in investments that may be available only to larger investors. It […]
Protect your income with Term Life Insurance
Term life insurance is a financial product designed to provide a death benefit to beneficiaries if the insured passes away during a specified term, typically ranging from 10 to 40 years. This type of insurance is particularly beneficial for individuals who want to protect their income and ensure financial stability for their dependents in the […]
Importance of undergoing Medical test for Life insurance
Medical tests are a critical component of the life insurance application process, particularly for term insurance. Their importance can be summarized through several key points: Risk Assessment Medical tests allow insurance companies to accurately assess the health status of applicants. This assessment helps insurers determine the level of risk they are taking on by providing […]
What is Financial underwriting?
Underwriting is a critical financial process used primarily in the insurance, mortgage, and securities industries. It involves assessing and assuming financial risk on behalf of a client, typically for a fee. The term “underwriting” originated from the practice of having risk-takers write their names under the total amount of risk they were willing to accept for a specified premium. This involves evaluating the risk of insuring a person and determining the appropriate premium based […]
Occupational underwriting
The occupation of the life insured is material for underwriting purposes. Some occupations present greater than average risk of death or disability due to: 1. Higher risk of accidents 2. Higher risk of disease 3. Moral hazard Therefore, details of the exact nature of the applicant’s work and their specific duties should be provided in […]
Medical underwriting
This involves the assessment of the personal health factors of the life insured and family history. Medical screening may be performed to establish the health of the life insured. The Underwriting Grid outlines the standard medicals based on the age of life insured and the sum assured. Further medicals may also be requested following any […]
What is the best type of Life Insurance?
There are two (2) main types of life insurance; cash value and term life insurance. Cash value is the most common type of life insurance offered on the market. This type bundles the risk and investment components into one policy. This makes premiums high with relatively low sum assureds. Although the policyholder pays for TWO […]
