Death benefit
Death benefit is a an amount your beneficiaries receive from a life insurance provider (an insurer) when you die within a coverage period. These beneficiaries are nominated by a policy owner and are mentioned into the declaration page of the insurance contract.
The death benefit can be paid in a lump sum or installments depending on the wishes of the policy owner.
Importance of death benefits
1. Helps your family to tackle economic challenges after your death
The death benefit helps your family to afford different living expenses like buying food, paying school fees, paying bills, clearing outstanding debts and other expenses once you die.
2. Gives you and your dependants a peace of mind
The guaranteed death benefit gives you and your family a peace of mind knowing that once you die death benefit given to your family will help them to afford the living expenses.
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