Obtaining Life Insurance has never been easier!
Galea Insurance Brokers has:
- Access to leading life insureres in Malta and abroad
- The ability to tailor-make policies according to the needs of our clients
- Expertise in finding the right product for each client including cover for high
risks such as under average life risks
- Facility to cover high sums insured and to work with financiers to cover unusual
risks
At GIB we provide amongst other covers:
- Standard policies such as level term, loan protection and savings policies
- Retirements plans
- Policies for children
- School fees insurance policies
- Key person insurance
Complementary covers include medical insurance and personal accident insurance.
Level and Decreasing Term Policies
These policies provide protection in the form of Life Insurance for a fixed period.
The level of Life Assurance (also known as the sum insured) is either level throughout
the term of the policy, in the case of a level term policy, or reduces by a fixed
percentage every year throughout the term of the policy. The sum assured is paid
only once upon the death of the life assured.
Saving Policy
This policy provides a combination of protection and savings whereby another part
of your premium buys a life cover (the sum assured) while another part of your premium
earns bonuses. On the specified maturity date, the policy account is paid. If the
insured dies before the maturity date, the higher of the endowment or the policy
account is paid. This policy also carries a cash surrender value should the policyholder
want to terminate it before the maturity date.
Retirement and Junior Policies
These are unit-linked life insurance policies in which a portion of the premium
is used to purchase life cover (the sum insured) and the balance invested in authorized
Collective Investment Scheme/s. The return on the policy is thus linked to the performance
of the units in the Collective Investment Scheme/s. On the specified maturity date,
or if the Life insured dies before the maturity date, the higher of the life cover
or the policy account is paid. The policy also carries a cash surrender value should
the policyholder want to terminate the policy before the maturity date. The allocation
of Policy Units under the Policy is purely notional and solely for the purpose of
calculating the benefits there under and the Policyholder, Beneficiary or the Life
Insured shall have no legal or beneficial interest in the Policy Units, any of the
underlying investments of the funds or any income arising there from nor in the
funds themselves, all of which are, and shall remain in, the absolute ownership
of the insurance company.
Single Premium Policy
This is a policy which is fully paid with the initial premium (known as the single).
After deducting the specified policy charges the premium is invested in either authorized
Collective Investment Scheme/s or directly into the life fund of the insurance company
depending upon the type of single premium policy. On the specified maturity date
the policy account is paid. If the Life insured dies before the specified maturity
date, payment under the policy to the beneficiary is 101% of the policy account.
The policy also carries a cash surrender value should the policyholder want to terminate
the policy before the specified maturity date. The allocation of Policy Units under
the linked-long term policy is purely notional and solely for the purpose of calculating
the benefits there under and the Policyholder, Beneficiary or the Life Insured shall
have no legal or beneficial interests in the Policy Units, any of which are, and
shall remain in, the absolute ownership of the Company.
Accidental Death Benefit
If taken in addition to the policy main benefit, this benefit is an addition to
the death benefit paid to the beneficiary, should death occur due to an accident.
There can be certain exclusion and different premium levels based on underwriting
requirements. Time and age limits may also apply. A claim on this additional benefit
terminates the policy.
Accidental Death and Dismemberment Benefit
If taken in addition to the policy main benefit, this benefit is an addition to
the death benefit paid to the beneficiary, should death or dismemberment occur due
to an accident. There can be certain exclusions and different premium based on underwriting
requirements. Time and age limits also apply. A claim on this additional benefit
terminates the policy.
Permanent Total Disability Benefit
This is an additional benefit to the main life insurance benefit. This benefit covers
the life insured in case of injury which renders him/her unable to work in an own
or in any occupation for which he/she is suited by training, education or experience.
There can be certain exclusions and different premium based on underwriting requirements.
Time and age limits may also apply. A claim on this additional benefit terminates
the policy.
Contact Details
Title:
Name:
ID Num.:
Date of Birth:
Email:
Telephone:
Preferred time of contacting you:
Preferred way of contacting you:
Quote Details
Type of Cover Required:
Smoker:
Duration:
Sum to be insured or indicate the amount you wish to be saved per year: