Life Insurance Products
GTM offers Protection for your most valuable Assets

 

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	What is Life Insurance?
	Life Insurance is protection against financial loss resulting from death. It is an insurance company’s promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.
	Why do I need Life Insurance?
	Although you may not think about it, your ability to earn an income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons why people buy life insurance. Personal Uses The death benefit may be used: - To replace income a family would need to maintain their standard of living after the death of a wage earner. - To pay off a mortgage loan and other personal and business debts. - To create a fund for children’s education. - To pay final expenses, such as funeral cost or medical bills. - To create a family emergency fund or a fund for a family member with special needs. Business Uses - Key-Person – A life insurance policy can be used to protect a business from the loss of income and profits caused by the death of a key employee. - Business Loans – Life insurance protection on a key employee or business owner can be used to pay off the debts of a business in the event of that individual’s death. - Employee Benefits – Life insurance protection for employees is commonly included in company employee benefits plans. There is no magic formula to determine how much life insurance you should have; however, there are a number of factors that should be considered when estimating how much life insurance you should carry. They include: - Final Expenses – These could be unpaid medical bills, funeral expenses, unpaid debts and taxes. Your insurance agent will take you through a series of steps called a Needs Analysis in determining your Sum Assured. - Re-adjustment Fund – This may be used to cushion the immediate lifestyle adjustment that a family must make when a loved one dies. The family may be forced to move, or the surviving spouse might have to look for a new job. In addition, a working spouse may find it difficult to return to work immediately after the death of a partner. - Supplemental Income – After the re-adjustment period, there should be a consistent income stream to help pay the family’s living expenses, such as mortgage payments, monthly bills, and daycare expenses. - Educational Funds – Adequate funds should be available for the children’s’ education. This might include private school and University. - Retirement Fund – There should also be adequate funds available to ensure that the spouse can retire comfortably. Protect yourself and your loved ones, call your sales representative or our office directly and let us help you choose the right balance of insurance for your needs.

Horizon Classic

GTM introduces the most flexible Retirement investment Protection plan ever devised. A plan that suits your lifestyle and its changing needs. A plan where all the choices are yours.

Horizon Classic offers a dynamic combination of life insurance protection and a flexible saving component. It allows you to custom design your coverage to suit your insurance, savings and budget needs. As circumstances change, the plan can be modified to suit those changes.

• Raise or lower your premiums
• Shift the emphasis towards life cover or savings, whichever you prefer
• Use the cash value your policy creates to maintain insurance cover during periods of financial difficulty
• Include hospital income benefits and critical illness protection
• Plan for retirement and your children’s education
• Withdraw funds from your policy’s accumulated cash value at your discretion
• Our New Term Policies provide maximum insurance protection at the lowest possible cost.

 

Futura

This plan provides coverage for 20-years or to age 65. At the end of these periods, all the basic premiums paid are returned to you.

Under the Term Plan to age 65, a Cash Value equivalent to 60% of the accumulated basic premium is payable at age 61. This Cash Value increases by increments of 10% for each additional year until it reaches 100% of the accumulated basic premium at age 65.

 

Pinnacle Security

This plan is for specified periods of 15, 20, 25-years and to age 70 years. In this plan the death benefit remains the same over the period selected by you. These Term Policies can be converted to permanent plans at specific times during the life of the policy without evidence of insurability.

 

Term 10-year – Renewable & Convertible

Unlike the other term plans, the 10-year term is renewable and convertible. This means the policyholder can renew the policy every 10 years up to age 65 or can convert the policy to a permanent plan such as a whole of Life or Endowment.

 

Endowment Plans

An Endowment policy pays a fixed amount at the maturity date of the policy. GTM offers three types of Endowment plans:

a) Endowment 4-Payment, Participating Plan – This means that the insured receives a percentage of the sum assured every five years for 20 years and bonus is paid at maturity.

b) Endowment 5-Payment, Non-Participating Plan – This policy pays 20% of the sum assured every three years for 15 years.

The main advantage of these two plans is that, if the insured dies at anytime while the policy is in force, the full sum assured is payable even if the instalments were paid.

c) Educational Endowment, Non-Participating Plan – This policy can be effected for children ages 0 to 14-years and pays an educational benefit equivalent to 20% of the initial sum insured on each policy anniversary following the insured 17th birthday until maturity at age 21.

You can enhance your coverage by including our Riders on your policy.

Our company offers regular riders such as the Accident Indemnity Rider (AIR) and the Waiver of Premium Rider. The AIR provides an additional death benefit amount equal to the sum assured when the insured dies as a result of an accident. The Waiver of Premium Rider waives the policy premium payments for as long as the insured is totally disabled.

There are also two other benefits GTM offers which are highly recommended to further enhance your coverage:

Coverage Against Ravaging Diseases (CARD) & Hospital Confinement Indemnity Riders (HCIR)

These are called "Living Benefits" because the benefits are payable while the insured is alive.

Your GTM Life CARD

This benefit provides for payment not exceeding the face amount of the rider if the insured is diagnosed with a critical illness.

The payment of a claim under this rider does not alter the sum assured and coverage which is up to age 65.

Hospital Confinement Indemnity Rider (HCIR)

This rider offers a nightly benefit to policyholders who are confined to a hospital as a result of illness or accident.

If the hospitilisation is a result of sickness, the nightly benefit is paid from the fourth night of confinement, if however it is as a result of an accident, the nightly benefit is payable from the first night. This nightly benefit increases by 25% if the insured is confined to an Intensive Care or Coronary Care Unit and is payable up to a maximum of 364 nights.