I wish to give an idea of the type of products that give good value to consumers. I hope that these products will be available through a new life insurance company later this year.
This company will offer the products through the internet and call center, making it easy for consumers to buy the products.
LOW COST INSURANCE
1) Term insurance
Pays the sum assured in the event of premature death during the insurance period The sum assured is level during the period. Example: insure $200,000 for 20 years.
2) Reducing Term Insurance
Pays the reducing sum assured in the event of premature death during the insurance period. The sum assured starts at a higher amount and reduces each year during the period. Example: insure $400,000 reducing by $20,000 yearly over 20 years.
3) Family Income Benefit
Pays a monthly income in the event of premature death during the insurance period. The income is payable for the remainder of the period. Example: insure $2,000 payable monthly for the remainder of 20 years.
4) Family Protector
Combines a term insurance and a family income benefit. Example: insures $50,000 plus $2,000 a month for 20 years.
LOW COST DIVERSIFIED FUND
5) Wealth Accumulator
Allows you to invest in a diversified investment fund (i.e. equity, bond or treasuries) to earn the market rate of return. Reduces the risk by diversifying over a large number of quality investments. You can invest for the long term to average out the good and bad years. There is no front-end load. The expense ratio is probably the lowest in the market (e.g. 0.6% for an equity fund).
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