Advantages of Life Insurance.
Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death. Life insurance enjoys favourable tax treatment unlike any other financial instrument. Death benefits are generally income-tax-free to the beneficiary, Death benefits may be estate-tax free if the policy is owned properly.
Note: All the above statements are generally true; however, the tax benefits of life insurance have certain limitations which under the wrong set of circumstances can cause the tax benefits mentioned to be lost. Please reveal all necessary information true fully with our insurance and tax advisor.
Many life insurance policies are exceptionally flexible in terms of adjusting to the policyholder’s needs. The death benefit may be decreased at any time and the premiums may be easily reduced, skipped or increased.
A cash value life insurance policy may be thought of as a tax-favored repository of easily accessible funds if the need arises; yet, the assets backing these funds are generally held in longer-term investments, thereby earning a higher return.
In order to fulfil the above more effectively as to organisation ultimate goal to contribute towards members’ efforts, aimed at improving quality of individual life, Culture awareness, teaching Swahili to Tanzanian Children abroad, education support and transfer of knowledge to the less fortunate, relationships, bereavement support and cooperation etc, the organisation shall solicit family life insurance to its member’s through a third party insurer, among Tanzanian living in the United Kingdom and Northern Ireland, this will be clarified in the organisation, Life insurance policy from reputed insurance company in the United Kingdom, and offered through the organisation at discounted price with great incentives ie Full funeral cost cover and pay out of up to £20,000 to the family or family’s next of kin, the discounted premium will vary depending on age, health status, social behavior etc.
A claim can be made if a member loses one of his family members. The members of the family eligible/qualifying are:
These are deemed to be immediate family members and their names shall be in an organisation and insurance policy register/records for the claim to be valid.
Parents or Guardians limited to two, the numbers of wives or husband is limited to one and immediate family members namely daughters or sons are limited to five, and shall be in the register and insurance policy of immediate family members in the organisation and Life – Funeral insurance policy record file.