What is universal life insurance?
Universal life insurance is an all-in-one way to get the protection you need and build your savings. The policy combines permanent life insurance protection for lifelong peace of mind with a broad range of investment account options for tax-preferred savings growth. You choose a guaranteed death benefit for your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account. Or you can use them to increase the amount of your death benefit.
Why Choose universal life insurance
Universal Life
SMART Target Policy – An Example of a UNIVERSAL LIFE
Vanguard Life Smart Target Plan provides financial support at each stage of your life. The policy is an investment-linked life assurance plan providing both life cover and savings benefits. The Smart Target Plan assures you that your investment premium is secured and shall earn a guaranteed interest. The policy pays lump sum at maturity. However, you have the option to purchase annuity (monthly payments) for a defined period or for life.
With this plan, you’ll be paid out in a lump sum within 72 hours for valid claims on receipt of all required claims documents. Most importantly, it’s affordable investment-linked life insurance policy.
Standard Benefits and Features of Smart Target Plan
RISK COVER
The risk portion provides a single-life cover for the following:
- Death – accidental and natural
The risk cover is a 3-tier death cover;
- Low Cover – GH¢ 3,600.00
- Medium Cover – GH¢ 7,200.00
- High Cover – GH¢ 10,800.00
OTHER FEATURES
Savings Option : Customer can invest into a saving plan earning competitive interest rate in addition to his/her risk cover
Minimum Term : The minimum term is 5 years
Partial Withdrawal Benefit : You can make partial withdrawals of up to 60% after 36 months from the cash value of the savings plan.
Surrender Benefit : A cash Surrender value on the savings plan is paid should you decide to cancel the policy. Surrender value applies to only the savings plan cash value.
Policy Loan Benefit : The policyholder qualifies to apply for policy loan anytime the policy has made a minimum of twenty-four (24) months premium payment. The maximum amount allowed is 90% of surrender value to be repaid over a maximum period of 12 months.
Vanguard Life Smart Target Plan provides financial support at each stage of your life. The policy is an investment-linked life assurance plan providing both life cover and savings benefits. The Smart Target Plan assures you that your investment premium is secured and shall earn a guaranteed interest. The policy pays lump sum at maturity. However, you have the option to purchase annuity (monthly payments) for a defined period or for life.
- You have a home with a fixed mortgage that you need to secure.
- You have children, whom need financial stability while they grow up.
- You have debts that will be paid down over time.
- When you need low-cost life insurance with “no-frills.”
If you hope to have a successful future for your child, then Vanguard Life’s Child Education Plan has a good education plan for you today
