Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary an agreed sum of money upon the occurrence of the insured person's or persons death in return for the payment of a premium.
It is important to understand that the policy owner or beneficiary may be different to the Insured Person, however in such circumstances an insurable interest has to be determined, such as a bank’s interest in the Insured Person following the provision of a loan, or the interest of a dependent spouse on the earnings of a partner for the financial security of the family.
To be a life policy the insured event must be based upon the lives of the people named in the policy, the Life Insureds. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. often written into the contract to limit the liability of the insurer; for example, claims relating to suicide, fraud, war, riot and civil commotion.
Examples are
- Lifetime Needs Plan
- Funeral Finance Plan
- Financial Provider
- Study Provider
- Pension Provider
- Family Funeral Provider
- Master Plan
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Risk & Insurance Products
Health Insurance
Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses.
Life Insurance
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary an agreed sum of money upon the occurrence of the insured person's or persons death in return for the payment of a premium.
Prudential Group Life Insurance
Group Life Insurance assures employees that in the unlikely event of death, disability or critical illness, a multiple of their annual salary will be provided to their beneficiaries as a replacement income.
Travel Insurance
This policy provides financial relief to International travelers for medical expenses and hospitalization abroad, delayed departure, location and forwarding of baggage and personal effects,
Contractor's All Risk Insurance
This policy promises to indemnify the insured in respect of loss, damage or destruction of any of the contract works both temporary and permanent while in the cause of construction or whilst on the contract site etc
Bankers Indemnity Insurance
The policy indemnifies the insured for all losses sustained and discovered in the manner described here below within the period of insurance.
Directors & Officers Liability Insurance
Bad business decisions by directors and mangers are likely to attrac the increased attention of shareholders and other third parties who are looking to recover losses.
Group Funeral
The objective of this plan is to insure the obligations of the employer in the unlikely event of an employee's death.
Enterprise Living Plus Plan
The Enterprise Living Plus Plan is a “one-stop life insurance solution product” specifically designed to meet both the death and survival needs of the middle-class market.
Personal Insurances
Whether for your house, contents, vehicles or personal properties, WESTOM Insurance Brokers can help you to create bespoke solutions for your personal insurance need
There will be no need of insurance if we are living in a perfect world. Our cars,businesses, properties and homes will remain undamaged
