LIFE INSURANCE

Life insurance plays an important role in ensuring that your loved

ones are protected when you are no longer around to provide for them.

TO GET STARTED

• Select an amount suitable to your financial budget

• Make an initial payment/premium• Do the necessary medicals

• Your premium never increases
   

IF YOU CANNOT CONTINUE PAYING PREMIUMS

• You can Surrender the policy for cash Automatic premium loan 

• The cash surrender value may be used as a single premium to purchase reduced coverage on a permanent policy

• The same may be done to purchase a term policy equal to the original amount but for a shorter period

IF YOU BECOME DISABLED

• If you chose this benefit option, the company will undertake to pay the premium on your behalf until you recover

IF YOU BECOME CRITICALLY ILL

If you chose this benefit option, you will receive a lump sum (or part thereof) to take care of any of these illnesses:

• Heart Attack

• Coronary Heart Disease

• Terminal Illness

• Stroke

• Cancer

• Major Burns

• Renal Failure

• Paralysiso Heart Valve Replacement

• Multiple Sclerosis

• Coma

LIFE BENEFITS

• Provides peace of mind that your family will be protected if you unexpectedly die

• Provides funds for both spouses in retirement years

• Provides sources of cash for emergencies and opportunities

• Sinking funds for your home• Acts as collateral for your debts and loans

• Helps preserve your estate for your heirs

DEATH BENEFITS

• Guarantees income for loved ones

• Provides funds that can be used to cover funeral bills, medical bills, etc.

• Provides funds that can be used to wipe off debts and loans such as a mortgage

• Provides funds that can be used to cover probate, legal and executor fees
   

TERM INSURANCE
Term Insurance is temporary life insurance designed to provide coverage for a limited period of time, typically for 10, 20 or 30 years. It is a life insurance product that is typically considered the most cost effective form of life insurance. However, there is no build up of a cash value, like with a permanent life policy, and the benefit is payable only when the insured dies and the policy is in force.

The policy owner has the right to convert the term policy to a permanent life plan of insurance. This is not an automatic conversion. The conversion period is spelt out in the policy. Even if your health has deteriorated to the point that you may be uninsurable you can still obtain lifetime coverage, since evidence of insurability is not required at the time of conversion.

Most individuals purchase term insurance because of its affordability, as a requirement by lending institutions such as banks, and to complement other insurances such as permanent life.

T-Life is a term insurance plan that provides coverage for death during the term of the policy.

This Plan includes the following:

• Premiums are payable over the full term of the policy

• Significantly lower premiums than a permanent life insurance plan• Accumulates no cash value

• The benefit of converting to a permanent life plan at any time during the convertible period without providing evidence of insurability (medicals)

• The policy terminates at the end of the payment period• This policy is available as stand alone plan or could be added as a rider to other plans

WHOLE LIFE INSURANCE - ORDINARY LIFE NON PAR
What is Whole Life Insurance?
Whole life or Ordinary Life insurance is permanent life insurance. As with all life insurance plans, the death benefit from this policy is transferred to the named beneficiaries upon the insured’s passing. However, Whole/Ordinary Life policies come with extra benefits. These policies accumulate a cash value that can be accessed during your lifetime.

This policy remains in force until the insured’s death once monthly premiums are up to date and once any indebtedness on the policy does not exceed the cash value. While the policy is in force, the policyholder may surrender and receive any accumulated cash value of the policy (less any indebtedness present at the time).

Why do you need permanent or whole life insurance?

• You want to protect the lifestyle your income provides for your family. If two incomes are involved, consider protecting both of them

• You want to help ensure a child or grandchild can attend college whether you live or die

• You need to accumulate money to supplement retirement income

• You want to provide for a dependent with special needs

• You want to replace the contributions of a non-working spouse

• You want to provide an inheritance for the people or organization you care about

Which plan is right for you?
 

ORDINARY LIFE NON PAR BASIC
Features:

• Accumulated Cash Values 

• Fixed premiums throughout the lifetime of the policy 

• Fixed sum assured throughout the duration of the policy

ORDINARY LIFE NON PAR ENHANCED
Features:

• Higher Accumulated Cash Values 

• Fixed premiums throughout the lifetime of the policy 

• Sum assured increases at the 11th and 21st policy year anniversaries

Add any of the following Riders to your policy for extra coverage...

• Accidental Death 

• Admed 

• Accidental Indemnity Rider 

• Dread Disease Accelerated Rider 

• Level Term 

• Mortgage Protection Plan 

• Retrenchment 

• Waiver of Premium on Death or Disability of Applicant 

• Waiver of Premium 

• C-Life: Critical Illness 
   

INVESTMENT & LIFE COVERAGE: TRIflex INVESTMENT INSURANCE
What is TRIflex Insurance?
TRIflex Insurance is an investment linked plan that combines accumulated investment returns with life insurance coverage up to age sixty-five (65).

The main features of the plan include the following:

• A choice of 3 Funds in which you can invest your premiums:o Bond Fund(least-risk)o Mortgage Fund (moderate risk)o Property and Equity Fund (higher risk)• Policy Values (sum of the individual Fund Policy Values) vary with the performance of the funds in which premiums are invested• Each Fund is credited with compound interest monthly

• Loans can be made against the Cash Value in the Mortgage and Bond Funds• No loans can be made against the Property and Equity Fund

• Policy can be used as collateral security for loans, mortgages, children’s education and other needs

• The policy matures at the policy anniversary nearest your 65th birthday

• The Maturity Benefit shall be the Policy Value at the maturity date

• The Death Benefit shall be the sum of all future basic premiums payable up to age 65, together with the Policy Value at the date of death

The Triflex insurance plan is not a mutual fund, collective investment scheme, or fixed deposit, but rather provides critical life insurance coverage, especially while the investment funds are accumulating interest.


ANNUITIES
An annuity is a financial product that allows you to pay premiums and then receive regular or lump sum payments in the future, upon maturity of the plan or at retirement. A registered annuity means that the plan is approved by The Board of Inland Revenue. Contributions to this type of annuity are exempt from income tax up to specific maximum amounts per year.
 

Two Annuity Plans offered:
 

TRIflex ANNUITY PLATINUM

Get triple the benefits with TRIflex Annuity
An annuity is a financial product that allows you to pay premiums and then receive regular or lump sum payments in the future, upon maturity of the plan or at retirement. A registered annuity means that the plan is approved by The Board of Inland Revenue. Contributions to this type of annuity are exempt from income tax up to specific maximum amounts per year.

There are no fees or administrative charges on premiums paid. 100% of your premiums will be working for you from your first deposit!
Take control of your investments and customize your plan to suit your needs. You have a choice of 3 investments funds among which you may allocate your premiums: a Government Bond Fund, a Corporate Bond and Mortgage Fund, and a Property and Equity Fund.

At maturity, you may request your funds to be transferred to any other Company that is registered to sell annuities for the purchase of your annuity benefits.

How does TRIflex Annuity Platinum work?
“The TRIflex Annuity Platinum Plan is a registered, company-owned retirement savings plan for key employees, executives, and incorporated business owners. The premium payments are flexible and can be customized throughout the term of the policy.

The main features of the plan include the following:

• No fees or administrative charges on premiums paid

• Tax deductible contributions of up to 33 1/3% of chargeable income or 20% of gross emolument income, whichever is greater, may be made by the company on behalf of the employee. The maximum deductible is inclusive of the employee’s contributions to other registered retirement funds or schemes and 70% of their NIS contributions (subject to income tax legislation)

• A choice of 3 Funds in which you can invest your premiums: Government Bond Fund (low-risk), Corporate Bonds and Mortgages Fund (moderate risk) and a Property and Equity Fund (higher risk)

• Each Fund is credited with compound interest monthly

• Policy Values (sum of the individual Fund Policy Values) vary with the performance of the funds in which premiums are invested

• Retirement Benefits available from ages 50-70

• A minimum policy duration of 10 years is required to access retirement benefits

• Portability at maturity, i.e. at maturity, funds can be transferred to any other company that is registered to sell annuities

• At maturity, you may take a full monthly annuity OR a lump sum of 25% of fund value (tax free) and a reduced monthly annuity

• In the event of death prior to maturity, the greater of the Premiums Paid and the Fund Value will be paid to the beneficiary

• In the event of death after maturity, any remaining annuity payments within the guaranteed period of the contract would be paid to the beneficiary of the annuitant

 

TRIflex ANNUITY GOLD - INDIVIDUAL PLAN
Why choose TRIflex Annuity Gold?

SAVE
Set aside money that can be used to provide a lifetime stream of income after you retire.

PROTECT
In the event that you die before you begin receiving your income stream, a return of contributions made or the fund value (whichever is greater) will be payable to your family/estate. Additionally, a Waiver of Premium option is available. This is an additional benefit that pays your contributions if you become disabled and unable to pay your contributions.

REWARD
Enjoy triple compound interest accumulation:• Interest on your contributions• Interest on the interest• Interest on the tax deferral amounts

CHOOSE
The option of a 25% lump-sum amount at retirement can be used for multiple purposes, for example, to liquidate loans, pay for your child’s education, health care, start a business, interest income or family vacation.

How does TRIflex Annuity Gold work?
The TRIflex Annuity Gold premium payments are flexible and can be customized throughout the term of the policy based on what stage of life you are in and your investment preference. The main features of the plan include the following:

• No fees or administrative charges on premiums paid• Tax deductible contributions, up to $50,000 annually (subject to income tax legislation)

• A choice of 3 Funds in which you can invest your premiums [Government Bond Fund (low-risk), Corporate Bonds and Mortgages Fund (moderate risk) and a Property and Equity Fund (higher risk)

• Each Fund is credited with compound interest monthly

• Policy Values (sum of the individual Fund Policy Values) vary with the performance of the funds in which premiums are invested

• Retirement Benefits available from ages 50-70

• A minimum policy duration of 10 years is required to access retirement benefits

•  Portability at maturity, i.e. at maturity, funds can be transferred to any other company that is registered to sell annuities

• At maturity, you may take a full monthly annuity OR a lump sum of 25% of fund value (tax free) and a reduced monthly annuity

• In the event of death prior to maturity, the greater of the Premiums Paid and the Fund Value will be paid to the beneficiary

• In the event of death after maturity, any remaining annuity payments within the guaranteed period of the contract would be paid to the beneficiary of the annuitant

 

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MAJOR MEDICAL: ADmed

​What is ADmed?
Our ADmed product was designed to finance unexpected major medical bills at an affordable price by providing a comprehensive package of benefits. The ADmed Card guarantees instant admittance to accredited private hospitals. ADmed Accredited Hospitals are able to check the system and verify the ADmed Cardholder’s available benefits.

The ADmed package includes the following benefits:

SURGICAL BENEFIT
This benefit will be paid whenever the insured undergoes a surgical operation that is medically necessary and appropriate, invasive and requires a surgical incision. A specific amount will be paid, depending on the type of surgery required.

HOSPITAL DIAGNOSTICS BENEFIT
This benefit will be payable if the insured incurs expenses for room and board, diagnostic lab tests/X-rays, machine testing or hospital ancillary services at a hospital in respect of diagnostic services as a result of accident, emergency or sickness on a Doctor’s recommendation.

ACCIDENT & EMERGENCY SERVICES BENEFIT
This benefit is payable if you incur expenses at a hospital in respect of medical services required as a result of an accident or emergency. This benefit covers the first 48 hours of expenses, up to the benefit maximum.
 

DREAD DISEASE ACCELERATION BENEFIT
This critical illness benefit is payable on diagnosis of a Heart Attack, Stroke, Cancer, Renal Failure, Paralysis, Multiple Sclerosis, Terminal Illness, Major Burns, Coma and Total and Permanent Disability. The benefit is only payable once.

DEATH BENEFIT
This benefit is payable on the death of the Life Insured.

How ADMED Works

1. Visit one of the ADmed Accredited Hospital and show your ADmed Card along with a valid picture ID at the hospital’s Accident and Emergency Department.

2. The hospital clerk will verify the Client’s available coverage via the online system.

3. Once the doctor indicates the Client’s visit meets the contract definition of accident and/or emergency, the ADmed Attending Physician’s Statement will be completed by the doctor and the ADmed Claimant’s Statement to be completed by the Client.

4. Note if after the doctor’s examination the symptoms do not meet the contract definition of accident and/or emergency, the Client will be responsible for their bill as this would not be a valid ADmed claim.

5. The hospital will submit to Maritime Life (ADmed Department) the completed claim forms along with their invoices.

6. Invoices will be settled by the ADmed department and settlement cheque made out to the relevant hospital(s).

7. If the Client pays their bill in full, the Client will be responsible for getting the ADmed claim forms completed and submitting the original bills where necessary to Maritime Life (ADmed Department) for reimbursement. Once the claim is valid the settlement cheque will be made out to the Client.

8. If the Client has to have a scheduled, surgical procedure, the Client will have to submit a letter completed and signed by the doctor giving the details of the ailment, surgical procedure to be done, the name of the hospital at which the procedure is to be done and a breakdown of the expenses. This letter can be emailed or faxed to the ADmed Department at 675-7485. This information will be reviewed and a letter emailed or faxed to the hospital stating the amount ADmed will cover.

9. For the hospital diagnostic benefit, the Client will have to submit a letter completed and signed by the doctor giving the details of the ailment, the test to be done, the name of the hospital at which the test is to be done and a breakdown of the expenses. This letter can be emailed or faxed to the ADmed Department at 675-7485. This information will be reviewed and a letter emailed or faxed to the hospital stating the amount ADmed will cover.

10. All claims must be submitted within 90 days from the date of service.

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CRITICAL ILLNESS: C-Life
What is C-Life?
C-Life is a term life insurance plan with the added benefit of critical illness coverage.

C-Life’s features:

• Life Insurance coverage to age 70

• No cash accumulation

• Non-Convertible

• 100% Acceleration of Death Benefit Coverage to age 70 on diagnosis of a Critical Illness

• Available from age 20 to 65

• The United Health Care Global Card Benefits

• Can be sold stand-alone, or as a rider (can be added as a rider to all new or in-force permanent plans)

• Term riders can be added to this plan
   

Supplementary Features

• Waiver of Premium 

• Retrenchment Rider
   

What Critical Illnesses are covered?

• Cancer

• Heart Attack

• Stroke

• Coronary Artery Disease Requiring Surgery

• Renal Failure

• Paralysis/ Paraplegia

• Major Organ Transplant

• Multiple Sclerosis Heart Valve Replacement

• Terminal Illness

• Major Burns

• Coma

Why do I need C-Life?

• To relieve your loved ones from the physical and financial burden of any hospice or nursing care you may require during a critical illness• To protect your income to age 70• To provide a lump-sum of up to two million dollars to fund a critical illness

• To liquidate some or all of your loans and indebtedness on death or on diagnosis of a critical illness• To facilitate your easy access to emergency medical treatment while travelling abroad as well as other related benefits

 

GROUP INSURANCE

Group insurance provides coverage for a collection of persons, usually employees with a common employer or professionals of a common group. One of the main benefits of group coverage is the reduced cost of contributions for each individual covered.
 

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GROUP HEALTH

What is Group Health?
Group Health Medical Insurance assists employees with medical expenses and provides benefits for treatment in the event of illness and injuries for themselves or their dependents.

What benefits are included?
The benefits include medical, dental, vision, preventative care and wellness benefit.

When can I take out a policy?
Issue ages are 18-65

Are there different groups?
Yes, in providing group health insurance Maritime distinguishes between small and large groups. A small group is defined as one comprising 3 to 25 members. The products offered are Medipac 3, Dolphin and Blue Marlin. The large groups are greater than 25 and the plan is customized to suit the specific needs of the Client.
 

 

GROUP LIFE

Group Life provides 1-year renewable term life coverage for members.

 

• Benefits of this type of insurance are for the insured’s estate or stated beneficiary after death 

• The level of coverage can either be a fixed amount or linked to the group members’ salaries 

• The issue ages are 18 to 65 

•  Minimum Group size is 10