Life Insurance

At Himark, we constantly monitor changes to provide new and innovative solutions so that our clients can rest assured that they have the right insurance. However, sometimes unfortunate events of death and critical illnesses may occur; in these circumstances, it is important that you have adequate protection to safeguard your family and yourself.

Comprising life, critical illness, medical insurance and other general insurance, our services are designed to provide complete customer satisfaction.

In the event that you suffer a serious accident or illness and are unable to work, and consequently earn an income, global protection plans at Himark Insurance can help to assist your recovery by ensuring that you have adequate funds to live comfortably while you are unable to work.

Shielding your family from financial burden in the event of death.

Himark Insurance provides improved and high-end quality global life insurance coverage options to expats, locals and businesses all around the world.

In simple words, life insurance paves way to protect your loved ones financially so that they are free from the worry of a change in current lifestyle. In essence, having a life insurance in place gives financial freedom from any form of death, of any family member or a breadwinner.

Furthermore, Himark Insurance also provides options for global life insurance plans which build up a cash value over the course of the policy. We also provide plans which gives out annual dividend payments and yearly cash pay-outs; this means that in the event of your death, in addition to providing security to those you care about, a global life insurance plan can be used for estate planning and retirement funds as well.

Life insurance plans provided by Himark Insurance include:

Whole Life Insurance

Whole Life Insurance plans are designed to provide protection in the event of death over the insured’s entire lifetime. These policies build tax-deferred cash value that you can use for a family’s loss of income, mortgage costs, or educational needs — or to leave a legacy for the next generation. Whole life insurance policies offer level premiums and life insurance protection for as long as you live, provided that timely premiums are paid. 

A global life insurance policy can usually be customized to include a range of added coverage benefits, including disability income protection, personal accident coverage, and even savings options. This gives you the assurance that in case you die or suffer from a serious accident, depriving you of income, you will have the help and support you require.

Premiums for global whole life insurance plans can vary depending on a number of factors, including the total insured sum of the policy and the frequency of payments.

Normally, the total sum insured of a whole life insurance plan will be based on your average salary. However, once the level of the insurance has been set, you will then be offered the option to select the frequency of the payments, which, in turn, will typically affect the level of the premium to be paid.

There are many variables present within a global whole life policy which can influence your overall plan premium. The expert advisors at Himark Insurance Brokers will be happy to assist in helping to clarify these variables. Please contact us for further information.

Term Life Insurance

Term Life Insurance is a type of plan with a set duration limit on the coverage period, which provides a death benefit or payout on your death. In simple words, if you die within a specific time period, the insurance will provide a pay-out if your death occurs during the term, but not if it occurs outside of the term period specified by the plan.

In this type of plan, you are allowed to select the duration, also known as the term, of the policy’s coverage. On your death within this term, your beneficiaries will be entitled to a lump-sum monetary settlement from the insurance company. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end.

Term Life insurance provides the sole benefit of cash payout in the event of the insured’s death during the policy term and nothing other than that. However, Himark Insurance provides term life insurance options which include a critical illness benefit to provide cash payments in an event that you are seriously ill and unable to work.

When applying for a global term life insurance plan, you will be allowed to select the length of the policy. Common options for the duration of a term life insurance plan are 5, 10, 20, 30, or 35 years. The longer the term, the higher is the policy premium.

In order to obtain a global term life insurance plan, a medical check-up is required to be carried out, which is later used by the insurance company to assess the current state of the applicant’s health. Due to this, it is important to disclose any material facts requested by the insurance company during the application process, which may otherwise result in the cancellation of the entire policy or application.

Nowadays, a greater number of people are at risk of chronic diseases due to heavy work pressure and unhealthy living habit. Global protection insurance policies provided by Himark Insurance are designed to support you in the event of a serious life event which leaves you unable to work and earn.

Himark Insurance offers the global critical illness insurance for this type of protection.

 

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WHY DO YOU NEED LIFE INSURANCE?

Because it is security for yourself and your family, the only way to preserve your assets for your loved-ones in difficult times

It supports your personal needs through:

  • Final Expenses
  • Dependents Support
  • Critical Illnesses
  • Retirement Income
  • Investment Income

It also supports your business needs through:

  • Key Man Insurance
  • Employee Benefits

It also supports:

  • Donation
  • Tax Purposes
  • Estate Planning

4 Types of Life Insurance

It is a type of insurance policy that provides coverage for a certain period of time only. In an instance where the policyholder dies during the policy term, the policy will pay out the amount agreed and this is identified as “sum assured”.  If you live beyond the policy term, the coverage will simply be terminated with no return on investments or any premium refunds.

  • Cheapest Form of Insurance
  • Cost of Insurance Only
  • Covered for 10 Years up to a Maximum Age of 80
  • Level or Increasing Premium Based on Age Increase Risk
  • No Saving Elements

Key Factors to be considered in buying term insurance:

  • Length of Coverage
  • Face Amount (sum assured)
  • Premium to be paid (premium cost)

It provides life protection throughout the insured’s lifetime. As premiums are paid, an accumulated savings amount (cash value) gradually builds. Cash value is a valuable asset that the policy owner can use in a number of ways.

Types of Permanent Life Insurance:

  • Traditional Whole Life Insurance
    Provides lifetime insurance at a level and fixed premium rate that does not increase as the insured ages
  • Universal Life Insurance
    Provides lifetime insurance at flexible premium, coverage and unbundled pricing factors (i.e. mortality, interest, expenses)
  • Variable Universal Life Insurance (Investment-link policy)
    A universal life insurance with investment on funds, the coverage depends on the return of investment

  • Has some characteristics of both term life insurance and permanent life insurance
  • Like term insurance, endowment insurance provides life insurance coverage only for a stated period of time
  • Like permanent life insurance, endowment insurance provides a savings element (cash value)

  • When the insured dies, a relatively large sum of money is often payable
  • A beneficiary can receive the policy proceeds in the form of an annuity, payable over a period of time rather than in a lump sum
  • It can also be a contract under which an insurance company promises to make a series of periodic payments to an individual in exchange for a premium or a series premiums

Insurance is associated with protection and security. The rising costs this world faces is a global phenomenon and currently insurance has become a necessity in today’s society to provide financial aid in any situation.

Protecting your family is your biggest priority and in case of unexpected tragedies, you need to ensure your future is safe.

Before unfortunate events arise, take an action to get protection.

The younger you buy a life insurance, the cheaper the cost, the larger protection and the greater cash value you can get.

 

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