Savings and investment plans
Life Lines
Permanent life insurance with a savings account you pay into as much and as often as you choose above a yearly minimum.
- Sold in
- Guyana
- Currency
- GYD
- Plan
- 2000
- Underwritten by
- Demerara Mutual Life Assurance Society Limited
Who it suits
Who should consider Life Lines
Life Lines suits people whose income varies from month to month, and anyone who wants to build a fund for education or retirement alongside their life cover.
Cover
What it pays
You choose how much to pay when the policy starts and can raise or lower it later. In the first policy year the premium cannot be less than the minimum for your age and cover. Payments above the minimum go into a policy account that earns interest each month; the interest rate is set by the Society and is not guaranteed. If the account is large enough to cover the monthly charges, you can miss premium payments.
On death, the sum insured plus the account balance is paid. You can withdraw from the account after the first policy year, subject to the Society's rules on minimum and maximum withdrawals and fees. The policy can be surrendered for its cash value after the first policy year; a surrender charge is deducted in the first five policy years and none after that.
The sum insured cannot be changed in the first three policy years. From the fourth year you can ask to raise or lower it, subject to evidence of good health. Minimum cover is GYD 1,000,000 (XCD 50,000 in the Eastern Caribbean).
At a glance
Key features
- Death benefit is the sum insured plus the policy account balance
- Premiums are flexible above the yearly minimum, paid monthly, quarterly, half-yearly or yearly
- Interest credited to the account every month; the rate is not guaranteed
- Withdrawals from the account after the first policy year
- Surrender after the first policy year; surrender charges apply for the first five years
- Policy loans against the account; ask your office for the loan terms
- Optional riders: waiver of premium, accidental death and dismemberment, critical illness (90-day waiting period), payor benefit (for a child insured, if the payer dies or is totally disabled)
Eligibility
Who can apply
Issued from birth to age 65. Cover lasts for life. The plan is fully underwritten.
Maintained by Life OperationsUpdated
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