Bula Life – Supporting your Legacy
A comprehensive lifetime insurance plan, Bula Life offers long term protection up to the policy anniversary before the insured turns 99. Ideal for those aiming to leave a financial legacy, secure mortgage protection, or ensure long-term income replacement for their family. This plan provides enduring peace of mind. Notably, premium payments end on the policy anniversary before the insured’s 84th birthday. So, more reasons to choose Bula Life when planning your legacy.
Features & Benefits of Bula Life
The Bula Life Plan offers you quicker returns of investment and here are some features and benefits.
Death Benefit
In the event of death of the life insured, the beneficiary(ies) will receive:
- The full sum insured plus all accumulated bonuses (less all loan and premium debts),
If death occurs and the life insured is under 10 years old, all premiums paid will be refunded with compound interest at a rate approved by BSP Life at that time.
Terminal Illness Benefit
Terminal Illness Benefit provides for a 50% advance payment of both the sum insured and bonus if the life insured is declared to be terminally ill and has less than six months to survive.
Once a Terminal Illness Benefit claim has been paid the original sum insured and bonus will reduce by 50%. Premium payment and all attachable benefits will cease as a result.
The remaining 50% of the sum insured and the bonuses will be payable on the death of the life insured.
Accidental Death – Automatic Cover
As soon as a life insurance application is completed and signed and given to a sales agent, an immediate accidental death cover of $50,000 or the amount equal to the life (base plus any term life rider) sum insured, whichever is the lesser will apply.
This benefit will cease on the earliest of the expiry of 60 days from the signing date of the date the application is accepted, deferred, or declined.
Minimum & maximum entry ages. Bula Life can be taken from birth or at the latest 64 years of age.
Premium Payment stops at age 84. From age 84, enjoy the protection of Bula Life without paying any premiums.
Flexible premium payments. Choose the frequency that suits your cashflow – weekly, fortnightly, semi-monthly, monthly, quarterly, or annually.
Additional Benefits
More benefits provided by your Bula Life policy.
Bonuses
Bula Life earns compounded Bonuses.
Cash Value
Bula Life accumulates a cash value once your policy is in force for 2 years and 2 years premiums are fully paid. There are options to utilise this cash value if your needs change over time.
Non Forfeiture Option
The accrued cash value of Bula Life can be utilised in one of the following ways as alternatives, allowing a policy to remain in force:
- Premium Advance.
- Paid Up.
- Cash Advance
Optional Benefits
Enhance the value of your cover with one or more of the following optional benefits with affordable premium levels.
Accidental Death Benefit Rider
Offers an additional payout to your beneficiary if you pass on due to an accident. Payouts can be up to four times the base product’s sum insured capped at $3 million.
Accidental Death & Disability Waiver Rider
Provides an extra payout to your beneficiary if you die in an accident. If you become disabled and are unable to work, it offers a payout to you and waives your premiums, keeping your policy active until either maturity or your passing, whichever occurs first. Payouts are capped at $3 million.
Critical Illness Rider
Provides a lump sum payment if you are diagnosed with a critical illness, for example cancer, a heart attack or stroke. This can help cover treatment costs and other care giving expenses. Payouts will be the sum insured, capped at $2 million.
Term Life Rider
Offers an additional payout if you pass on. Payouts can be up to four times the base product’s sum insured, capped at $10 million.
Total and Permanent Disability Benefit Rider
Provides a payout to you if you suffer severe injuries and become totally and permanently disabled due to an accident, medical condition or sickness. Payouts will be the sum insured, capped at $3 million.
Waiver due to Death or Disability Rider
Waives your life insurance premiums if you, as the waiver life insured passes on or becomes disabled and unable to work.
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