5 occasions to re-assess your life insurance coverage

Life insurance is something which you ought to invest in. However, once you lock into a policy, it doesn’t mean that the same policy will serve you for the rest of your life. Here are 5 instances when should reassess your life insurance policy.

1. You’re buying a house

It’s necessary to look at home insurance if you are building your dream home, or you want to renovate your house. Proper home insurance will provide coverage for the actual house, its belongings and all its occupants.

hom

2. You’re expecting a baby

Bringing a child into this world is a big responsibility. Expect a significant rise in your household expenses (ie: baby food, clothes, toys etc). This means that there is a lot more at stake for your new family. As a parent, having enough life insurance coverage will give you peace of mind knowing that your family can maintain their standard of living and secure your child’s future. For more information, check out our article about the importance of having child insurance.

Photo credits: HNB Assurance. All rights reserved. This picture may not be duplicated on other websites.

3. You’re getting married

Congratulations! Wedding planning aside, one of the more important considerations for soon-to-be-newlyweds is taking out a life insurance policy. This will secure your spouse’s ability to pay living expenses, medical bills, vehicle payments etc. What better way to kickstart your marriage knowing that your future is well assured!

4. You’re getting a promotion/new job

This one applies for a lot of people, especially young people. We’ve already mentioned why getting a life insurance policy at a young age is beneficial. However, its worth taking a look at that policy as you change jobs or get promoted.

For example, a promotion would mean that you could invest in a decent vehicle, home or purchase other goods and services as you accumulate wealth. In order to keep up with your bills and maintain your lifestyle, you should consider buying more insurance, now that you have the extra money to do so.

Photo credits: HNB Assurance. All rights reserved. This picture may not be duplicated on other websites.

5. Retirees with an Empty Nest

This may be tough for some parents to hear, but you should be ready when the kids leave home. The big advantage is that your life insurance needs are likely to drop as you only need to depend on yourselves. That being said, you need to be aware that your financial & health concerns are managed appropriately. Thus, make it a point to speak to your life insurance advisor.

Even if none of these 5 reasons apply to you, its still smart to review your insurance at least once a year. The advantage is that you can speak to your advisor and find out about new products/covers which will benefit you, which you may not know about if you didn’t take the initiative.

HNBA logo new

 

 

 

Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

HNB Assurance Takaful: In a Nutshell

 1. About Us

Here at HNB Assurance, we pride ourselves on providing innovative solutions to satisfy the various needs of our customers. With that in mind, we decided to promote HNB Assurance Takaful. This is the first company in Sri Lanka to get clearance from the Insurance Board of Sri Lanka (IBSL) to operate as an ‘Islamic window’ model insurance operation.

2. What is Takaful?

Takaful is an alternative to conventional insurance. This is based on the principles of Sharia, where a group of people pool their financial resources to guarantee each other against  loss/damage which they may encounter.

hands, HNB Assurance Takaful,
Takaful Is about believing in togetherness and being there for one another during times of need

3. Products Offered

Broadly speaking, HNB Assurance Takaful focuses heavily on Mortgage Reducing Takaful, which is aimed at homeowners or those who are looking to buy land/renovate a house. On the other hand, HNB General Takaful offers both motor and non motor Takaful solutions. The non-motor Takaful solutions cover Fire, Construction, Medical and Marine Takaful.

4. Benefits Offered

  • Surplus: is paid at the end of the financial year on the surplus left in the risk fund, it shall be distributed to Participants on agreed ratio based on the type of Takaful plan, provided that the Participant has not incurred any claim and/or the Certificate Holder has not received any benefits payable under each type of cover under this certificate whilst it is in force.
  • Protection/Coverage (guarantee and agreement to look after each other in the event of loss or damage that may be inflicted upon them)
  • Investment Profit (any profits from investment is shared by participant and the operator)
HNBA Takaful, HNB Assurance , Takaful Sri Lanka
Our Official Logo: HNB Assurance Takaful

5. How does Takaful work in practice?

Its as easy as 1-2-3.

  1. Takaful works on the basis of an agreement made by the parties involved in the Takaful insurance scheme.
  2. Each party agrees that he/she is both a participant and an operator.
  3. Each party pays a premium to the scheme which is then invested in an Islamically acceptable way.

Do you have more queries about Takaful? Tell us in the comments, in the meantime, check out the Mortage Reducing Takaful Brochure or give our dedicated Takaful line a call on 0114-677-000.

HNBA logo new

Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.