Life Insurance Cover

There are several types of life Insurance cover available in Australia, the most popular Life Insurance policy is a �term life� policy. This has replaced the �whole of life� type policies. Typically a Term Life policy will cover you from the time you take out the policy until the age of 99. If you do make it to 99, your policy will cease. If you die before the age of 99 then your beneficiaries will receive a lump sum payout.
To get cover for Life you will need to go through a series of underwriting questions and in most cases today, you do not always need to get a medical report from your doctor. Instead, you will be on a recorded phone call with one of our experts who will ask you a series of specific medical questions to see if you qualify.
Life Insurance Cover can provide you with the peace of mind knowing that if something were to happen to you, that your family will be ok. If you don�t take life insurance and something were to happen to you, how would your family cope financially? Would they be ok? If the answer to this is no, or you would simply like to leave a nest egg for your family, then make an enquiry with our team and we can assist you in taking out a life insurance policy.

General Life Insurance

General Life Insurance is your typical Life Insurance policy in Australia. With General Life Insurance you will be required to go through a series of underwriting questions to see if you qualify for cover. With General Life Insurance you are not guaranteed to be covered, however, if you have a clean bill of health, you shouldn�t have any problems.
You need to go through underwriting with General Life Insurance because of the large sums of money being offered as insurance. The better your health, the less risk you pose to the Life Insurance company, conversely, if you have had a health issue, you pose a greater risk to the insurance company and may not qualify, or have an additional loading added to your premium, making it more expensive due to the increased risk.
We suggest you make an enquiry where we can take you through the underwriting questions to see if you qualify. We encourage you to get Life Insurance cover sooner rather than later, as the longer you leave it, the more chance you have of getting health issues which may affect the cost of your premiums or whether you get cover or not.
Other types of Life Insurance include Funreal Insurance which is also some times referred to as Death Cover.

Pakistan Insurance

JS Group is the second-largest shareholder in the EFU Insurance Group, Pakistan�s largest insurance group.

EFU Insurance Group was established in 1932 as the Eastern Federal Union Insurance Company and grew to become the largest life assurance company in Asia (ex-Japan) from 1961.  In 1972, the life assurance business was nationalised but EFU continued as a general insurance company.  Today, it is Pakistan�s second-largest general insurer.

In 1992, the private sector was again permitted to carry out life assurance and EFU Life Assurance was launched by EFU General in conjunction with the JS Group.  Today, this company is the largest private sector life assurance company in Pakistan with a sales force of over 1,500 people and over 50% share of the life insurance business.

EFU General Insurance

EFU General is engaged in the general insurance business comprising of fire, marine, motor and engineering insurance.

The shares of the company are quoted on the Karachi and Lahore Stock Exchanges. The principal place of business is located at EFU House-Karachi with over 72 branches throughout the country.

EFU Insurance Group is one of the few Pakistani insurance organisations run entirely by professional management and with a highly-motivated field force. EFU General has obtained Insurer Financial Strength Rating of �AA Stable Outlook� by the rating agency JCR-VIS.

A unique feature of EFU Insurance Group is its voluntary review mechanism by professionals of international repute. The independent reviews by these professionals enable the company to keep abreast of international changes in the industry as well as ensure that management adopts the best international practices.

Another pillar of EFU Insurance Group�s strength is its very close and long-term (over 50 years) relationship with its main reinsurer, �Munich Re�, one of the largest reinsurance companies in the world.

EFU Life

In 1992, the Government of Pakistan reopened life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and, by March 1994, the company began writing  individual life business.

The company has a growing network of 72 branches throughout the country with employee strength of over 1,600 in its sales force and around 150 at its main offices in Karachi and Lahore. The company employs 5 full-time actuaries and also engages one of the leading actuarial firms in the country.

EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification. Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. EFU Life was the pioneer in introducing the following products and features in Pakistan:

Unit-linked products
Critical illness products
Education planning product
Inflation protection benefit
Tax qualified pension plans
Extended critical illness product (covering 379 medical conditions)

Allianz-EFU Health Insurance

In 2000, EFU Insurance Group formed a joint venture with Allianz AG to incorporate Allianz-EFU Health Insurance, Pakistan�s only specialised health insurer. Allianz EFU Health is a joint venture between the leading insurer in the world, Allianz Group, and the most experienced local insurer, EFU Insurance Group. It was the first company in Pakistan to offer health insurance to individuals and families, and companies with as few as five employees. To ensure quality, Allianz-EFU is implementing an Integrated HealthCare delivery system.

EXECUTIVE HOME INSURANCE

Do you need cover for High-value Buildings and Contents? 

EXECUTIVE HOME COVER FOR HIGH-VALUE BUILDINGS AND CONTENTS

Legal & General introduces Executive Home Insurance provided by Sterling Insurance Company Ltd. Executive Home is tailor-made to provide you with bespoke cover for high-value buildings and/or contents. It enables us to offer cover for homeowners with higher than average sums insured or who have special insurance requirements.

• Executive Home Cover is a specialist household policy that automatically provides comprehensive protection
• It's been designed to help ensure that your property and contents are fully covered against most mishaps
• It provides quality all risks* cover as standard, plus you can tailor your quote further with optional add-ons
• Personalised Underwriters that recognise that specialist insurance requires special attention and have the expertise to help you

QUALITY COVER AS STANDARD FOR:

• Fine art and antiques - including paintings, high-value jewellery and watches
• Business equipment
• Identity theft protection
• Legal expenses
• Domestic emergencies
• Up to 3 years alternative accommodation
• Non-standard constructions such as thatch, listed buildings and period properties

OPTIONAL ADD-ONS TO TAILOR YOUR QUOTE FURTHER

You can also tailor your policy to include a range of optional add-ons, just speak to your own dedicated underwriter for further details when obtaining your quote:

• Road rescue
• Pet
• Travel
• Second or overseas home
• Yellow tag luggage retrieval service

SPECIALIST HIGH VALUE HOME INSURANCE

• Sterling Insurance has over 50 years experience in underwriting mid to high net worth products. Executive Home provides you with a flexible and proactive approach so you know that your insurance will be underwritten to meet your needs.
• You will speak directly to an underwriter who will be able to answer any questions you have and advise you every step of the way.
• Your dedicated underwriter is able to give immediate decisions and is committed to delivering market-leading products with the service and attention you deserve.

IMPORTANT INFORMATION

Please note that home insurance is designed to cover certain unforeseen events but doesn't cover everything. It does not cover things like general wear and tear or damage that happens gradually over a period of time. There is also an excess on each claim

Auto Insurance

NC auto policies are issued with state-mandated industry-wide coverages.  **See policy for restrictions.

¹ Deductible Savings Benefit^SM is not available in all states. In NY, drivers must pay a state-required minimum deductible before using this benefit.

² Subject to deductible and state availability. See policy for restrictions.

³ Motorcycle insurance is not available in all states. Coverage features and discounts vary and may not be available in all states.

⁴ Does not apply to leased, substitute, or non-owned autos. See policy for restrictions. Not available in all states, such as NC. Subject to deductible. Applies within the first 12 months, or first 15,000 miles of ownership, whichever comes first.

⁵ Auto/Home Multi-policy Discount: A discount will apply to the total policy premium for those insured with both home and private passenger automobile insurance with MetLife Auto & Home. The percentage amount of the discount may vary by state. The Auto/Home Multi-policy Discount is not available to auto policies where the insured's homeowners insurance is a renters policy, and is not available on the homeowners policy, if the auto policy is written in Metropolitan General Insurance Company or at a nonstandard rate level.

⁶ Receive 5% off your auto policy premium when you already purchased qualifying life insurance or annuity products written by Metropolitan Life Insurance Company or an affiliated company domiciled in the United States. In some states, discount available for having qualifying bank account with MetLife Bank�. Not available in all states.

⁷ Telephone quotes are not available in all states.

MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates: Economy Fire & Casualty Company, Economy Preferred Insurance Company, Metropolitan Casualty Insurance Company , Metropolitan Direct Property and Casualty Insurance Company (CA Certificate of Authority: 6730; Warwick, RI), Metropolitan General Insurance Company, Metropolitan Group Property and Casualty Insurance Company (CA COA: 6393; Warwick, RI), and Metropolitan Lloyds Insurance Company of Texas, all with administrative home offices in Warwick, RI. Coverage, rates, and discounts are available in most states to those who qualify.

Like most insurance policies, MetLife Auto & Home's policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. For complete costs and details, see your MetLife Auto & Home Representative.

5 Life Insurance Questions You Should Ask

f you're in the market for life insurance, you might have been tempted by those ads claiming that "for just a few dollars a day, you can protect your family with $1 million in life insurance!" It sounds like a great deal, doesn't it? These ads typically refer to trem life insurance. As its name implies, term life insurance provides protection for a limited amount of time - or a specific "term" of years, such as 10, 20 or even 30 years.
It's fairly simple; if you die while your policy is active, your family will receive a death benifit, but the many types of term insurance and options can be confusing. Is term life insurance likely to pay off for you? Start by asking yourself the following five questions.
1. What am I trying to accomplish?Before you buy any kind of life insurance, think about why you're buying it. Are you protecting your family in case of an early death? Have you taken on additional debt that requires you to provide coverage? Are you looking to leave an inherinty to a charity?
Understand that in most cases, term insurance policies do not pay a claim - most people who buy term insurance "outlive" their policy's term. As a result, if you're shopping for insurance to protect financial obligations you may have for a very long time - possibly for the rest of your life - consider exploring another type of policy, called Preamnen Insurance.
If you're in a cash crunch and have immediate obligations to your family, business partners, or lenders, term insurance can provide you with a quick, simple, short-term solution.
2. What's available?Most people will have access to at least one of the two types of term insurance policies: group or individual.

• Group - Most companies offer their employees some form of term life insurance as an employee benefit. This is called group term insurance, because you're getting protection as part of a larger group. Usually it's deducted right from your paycheck and the only requirement for coverage is to complete a brief questionnaire with details of your health history. Here are some of the advantages of group term insurance:
  • It's easy - You can usually sign up for a policy when you take a new job and enroll in your company's benefits program. You may also have an opportunity to sign up during the annual enrollment period at your company; when you may sign up for other benefits, such as medical, dental, .
  • No medical - Most group plans don't require a physical exam. A statement of good health, along with a medical history, is usually all that's required to secure coverage.
  • Automatic payments - Through payroll deduction, you'll hardly feel the financial hit of paying premiums every month.
    
• Individual - As its name implies, an individual policy is one in which you apply for coverage on your own. You - or typically a family member - will own the actual policy. In order to obtain an individual policy, you'll probably have to undergo a medical exam of some sort, provide a detailed medical history, and give the insurance company permission to look into your medical records and perform a background check on any driving offenses and criminal activities. This might sound a little invasive, but there are some great benefits to owning an individual life insurance policy.
  • It's portable - If you take a new job at a different company, you don't have to worry about losing your life insurance protection.
  • Level Premimus - Generally, individual policies can be structured to have level premiums for the duration of the policy; typically this is a 10-, 20- or 30-year period.
  • Flexibility - If you ever want to upgrade or convert your term policy to a permanent policy, you might have more options available with an individual policy than you would with a group plan.

3. What if I don't die?Ironically, some people who buy term life insurance get upset when they find out that if they don't die, they don't get anything back.
If this is a concern for you, it's important to get an understanding of what will happen to your policy as you near the end of the term.

• Premiums go up - Many term policies offer level premiums for several years (10, 20 and even 30 years, for example). As you approach the end of that term, you may have the option of keeping your policy. If you do, you can expect a hefty jump in your premium.
• Might need a new policy - If you are still healthy at this time in your life and you want to keep the coverage, it may be best to apply for a new policy.
• Drop in coverage - Perhaps you only wanted your policy to cover you as long as you had a mortgage, or until your children's college education was paid for. If that's the case and you have no other obligations to protect, you might want to let the coverage expire.
• Upgrade the policy - Most term policies come with a "conversion privilege". This allows you to essentially trade in your old term policy for a new permanent policy.

4. How can I upgrade this policy?As mentioned previously, most term policies allow you to convert from a term policy to a permanent one. This is a great feature that provides future flexibility but because some policies have limitations, you should familiarize yourself with the conversion rules of any policy you're considering. When can I convert?
The conversion privilege might have a time limitation on it, to age 70, for example. Some policies allow conversion during the entire term of the policy.
What can I convert to?
The most generous term policies allow you to convert to any type of permanent policy available, such as whole life, universial life, or variable universal life. Some term policies may force you to convert specifically to just one type, and some companies may not offer all types, which can also limit your options down the road.
5. Where do I buy a policy?Chances are you'll probably hit the major internet search engines first when looking for information about buying a policy. A number of online distributors can provide you with a term insurance policy. These distributors typically focus on finding the lowest cost policy, given the personal information you provide.
For a more personalized experience, you might consider finding a professional. An insurance agent will help you understand all the different variations of insurance - both term and permanent - and should be able to answer any questions you might have. You can find one by visiting any of the major company websites or combing through your local phone books, but probably the best way to find a representative is to ask around for a referral from a friend or business associate.
Finally, for group coverage, you can check with your employer. If you're self-employed, you may have access to a group plan through a professional association, or you may even be able to put a group plan in place for yourself and your employees.
Million-Dollar DreamsAfter going through these five questions, you will be able to decide for yourself if that million-dollar coverage ad is really what you need to provide for you and your family. If it's not, don't be afraid to pass it by - there are hundreds of policies waiting to provide you with the peace of mind you're looking for.

How Is a Whole Life Insurance Premium Calculated?

A whole life insurance premium is the money paid to a life insurance company in exchange for the company�s promise to pay a set amount in accordance with the policyholder�s instructions, upon the death of the insured person. Many factors affect the amount of the premium, the most important of which are the age, gender, health and lifestyle of the insured. Other factors include the costs involved in selling and maintaining the policy, as well as establishing the savings component of the policy, called the cash value.
The age, gender, health and lifestyle of the insured are taken into account by the insurance company, or carrier, when the application for insurance is first submitted. Based on the information provided, which the carrier may choose to verify by sending the applicant to its own doctor for an exam, the carrier may have a very good idea of how long the applicant can be expected to live under normal circumstances. The carrier also knows, based on  of mortality statistics, how many people the applicant�s age can be expected to die in the current year. It is the carrier�s obligation to meet the death benefit claims of that percentage of its policyholders the same age, gender and lifestyle as the applicant that determine the premium charged for life insurance. Lifestyle issues can be particularly influential, with tobacco use especially being considered a major factor in reduced life excpantent..
For example, if a carrier has 1,000 female, non-smoking policyholders age 30, with an average of $25,000 US Dollars (USD) death benefit per policy, and the carrier�s actuarial analysis suggests that 10 of them, or 1%, will die in that year, the company knows it�s probably going to have to pay out about $250,000 USD in death benifith for that particular group of people. Thus, just to meet the death benefit obligation, the carrier must collect a total of $250,000 USD annually from that group, or $250 USD per person � or $10 USD per $1000 USD of insurance. That�s the rate, or "cost of insurance," the carrier will charge a 30-year-old, non-smoking female applicant. The cost of insurance increases annually, as the population ages; a group of people age 40 will have a higher mortality rate than a similar group of people age 30. 
Other items besides the cost of insurance are included in a whole life insurane premiure though. Hazardous occupations, such as firefighting , as well as dangerous hobbies like sky diving or cross-country motorcycle racing, can have a dramatic impact on a whole life insurance premium, if the carrier even agrees to issue the policy. Sales costs are also included in a whole life insurancy policy. and can be significant. Some carriers pay their sales agents a commission of up to 110% of the first year�s premium for certain life insurance policies, although most commissions paid for whole life insurance sales are in the range of 40% - 70% of the first year�s premium. Administrative costs are included in a whole life insurance premium as well; things like office rents and administrative staff compensation. The carrier also includes an amount in the premium as profit.
The other major component of a whole life insurance premium is the savings amount, which is an amount of money that�s invested and retained in the policy as �cash value.� Over time, this can grow to a significant amount, and whole life insurance is often promoted as an investment that policyholders can use to subsidize their retirement. Cash value is an asset that can be borrowed against or used as subject to some restrictions imposed by the carrier. Retired people with whole life insurance policies can borrow from their cash value or just draw it down. The death benefit paid will be decreased by any amounts drawn down, as well as by any outstanding loans. Since  haven�t got the same life insurance needs as their younger counterparts, however, that�s not a disadvantage, according to whole life insurance proponents.
An attractive feature of a whole life insurance policy is that as long as the premiums are paid on time, it remains in force for the life of the insured, and the premiums remain level. Since the cost of insurance can be expected to increase annually, the carrier keeps the whole life insurance premium level year after year by reducing the amount of the premium payment that�s contributed to the cash value by the same amount that the cost of insurance increases.