Heirs Life Insurance – What you should know

Both individuals and companies can benefit from the products that Heirs Life Insurance offers. This article gives details on their different product requirements and offerings. while a result, pay close attention while you read this article to determine which product option best meets your needs.

Heirs Life Insurance is explained in detail here.

What is Heirs Life Insurance?

Heirs Life’s security for their finances, families, and the future can benefit both individuals and companies. Their wide range of tailored investment and pure protection programs ensures a high level of security. Additionally, it removes psychological obstacles that clients and their loved ones may face when experiencing fear or loss.

Heirs Life Assurance Limited (HLA) is a specialist in life insurance. with the use of digital tools and twenty-first-century technologies. By providing people and businesses with simple, quick, dependable, and accessible financial security products, they challenge traditional insurance.

Among the products offered by Heirs Life are savings programs with insurance backing. In addition, it provides protection for life insurance for individuals, families, the education of children, debtors, creditors, business owners, and employees. The company has a N8 billion paid-up share capital.

Top-tier reinsurers support the company by offering second-layer protection for its clients’ insurance portfolios. Heirs Life Assurance is a division of Heirs Holdings, a pan-African investment company with activities in 20 African countries and 3 continents.

Products Offerings of Heirs Life Insurance

Customers can purchase some products from Heirs Life Insurance.For both individuals and commercial enterprises, they developed these products.

For Individuals:

1. Triple Pay Investment Plan

For educated individuals who want to make money while saving for a long-term objective, the Heirs Triple Pay Investment Plan is a great option.

A future income goal is chosen, and monthly savings are made toward it. Following that, Heirs Life sends you three bulk payments during the saving period in the following order:

• At the halfway point of the savings term, 25% of the target amount is paid.
• At the halfway point of the savings term, another 25% of the desired amount is paid.
• At the conclusion of the duration, an additional 100% of the target amount plus bonus is paid.

In the event that the unimaginable happens to you while you are saving, your beneficiary will still receive the entire 100% of the target amount plus bonus.

2. Couples Investment

This approach is for unmarried or married couples who want to build wealth while protecting their separate investments.

They both make savings for a while. There is strong competition for their savings. They distribute the money between the couple in the case of a separation or divorce according to the guidelines they must have established at the start of the plan.

In the event of an unfortunate incident, the plan’s life insurance component will provide the designated beneficiary of either marriage with an agreed-upon quantity of money in addition to the money and interest saved.

In this way, the family of the individual will be taken care of even in the event of death.

3. Salary Plus

Salary earners can pick this strategy if they want to create competitive returns while saving for future goals or initiatives. Automate the deduction of a certain amount from your salary that will grow in value over the appropriate period of time.

You can set aside more funds to maintain your family financially if you fail to complete the plan. For as little as 1% of the necessary amount, the cash can be secured.

If something unforeseen occurs to you, Heirs Life pays the beneficiary the agreed-upon amount plus all of your savings plus interest. If the plan works, you will get your entire investment plus interest.

4. Term Life

Nobody can predict the future, but you must have this plan if your family depends on your salary to meet their daily necessities.

The term life insurance plan makes sure that, in the event of your demise, your family will receive income replacement, enabling them to live comfortably. With as little as 1% of the amount you want us to pay your family, you can safeguard their financial security in the event of a loss.

5. MyHeirs (Kids Investment)

This is the best choice for parents who want to secure their child’s future, especially in terms of their education. MyHeirs and MyHeirs Plus are its two variations.

MyHeirs combines life insurance with recurring savings to pay for your child’s future needs. You choose how much money you want to set aside for your child, and you consistently save some of it while earning interest. Your child will get the entire target sum, including with all of your savings and interest, in the case of your passing. If you survive the duration of the plan, you will get all of your savings plus interest.

With MyHeirs Plus, you may select a goal amount for your child to inherit and start making age-based recurring payments. Your child will receive the whole target amount plus any incentives in the case of your passing, even if it occurs on day 2 of the plan. If the plan is carried out, you will obtain the goal total plus any incentives. Once the entire yearly premium has been paid, the bonus is secured.

In this way, whatever happens, your objectives for them are met.

6. Whole Life Plan

With the help of this plan, you can give your family a stable financial future and leave an inheritance.

Heirs Life will provide your loved ones with a lump sum payout under the Whole Life plan when you pass away. Your loved ones will be able to carry on living the life you had planned for them in this way.

In contrast to the Term Life plan, which has a set expiration date, the Whole Life plan is valid for a lifetime and can only be terminated in the event of a loss of life.

We won’t all live indefinitely. The Whole Life plan provides a 100% guarantee that your family will receive a specific sum from you in the event of your passing.

7. Investment by Entrepreneurs

Running a profitable business takes time, money, and effort.

For small business owners who want to save for business expansion and earn competitive interest on their money, the Heirs Entrepreneurs plan is excellent.

This plan also has a life insurance benefit that would provide financial assistance to your beneficiary in the event that something dreadful happens to you before the plan’s expiration.

An added benefit is that business owners can qualify for a loan after one year of active saving.

8. Smart School Plan

The Heirs Smart school plan is perfect for you if you’re a parent who wants to shield your child’s education from unforeseen circumstances.

This plan collaborates with the school to make sure that Heirs Life covers the child’s tuition while he or she is enrolled in the school in the event that a parent dies or is rendered permanently incapacitated. This keeps the educational process going.

The Heirs Smart School program is open to students in kindergarten through higher education.

9. Heirs Save Plan

The best method for reaching a particular goal is Heirs Save.

You earn interest as you consistently make payments toward your goal. The benefit of this strategy is that you can set aside money to support your family or other close relatives financially in the event that you do not live to see the plan through. For as little as 1% of the needed amount, they can secure the funds.

10. Heirs Surgery Care

We don’t often anticipate medical emergencies, but they do happen.

This plan will pay for any unexpected medical procedures you might need, ensuring that you get care when you need it.

The affordable Heirs Surgery Care plan covers accidents, cancer, heart failure, renal failure, stroke, appendicitis, and other ailments that may require surgery.

If you employ this tactic, you might restore your life without filing for bankruptcy.

11. Heirs Endowment Plan

The Heirs Endowment plan enables you to save money for a future objective while also providing your family with an inheritance. It is like to killing two birds with one stone.

Here is how it works:

A future goal amount is chosen, and you start saving any amount (beginning at N5,000 and above) toward it. If something happens to you, even on day two of the plan, Heirs Life will pay your beneficiary the target bulk amount you chose at the beginning of the plan, plus additional amounts.

If you live past the plan’s maturity period, Heirs Life will pay you a bonus in addition to the initial bulk amount you choose.

The Heirs Endowment Plan is open to everyone who wants to save money aside for a sizable financial commitment while safeguarding their family’s wealth in case of the unexpected.

12. Heirs Annuity Plan

The Heirs Life Pension-regulated Annuity plan is designed especially for retirees 50 years of age and above who want a steady income after retirement.

You can transfer your pension funds to purchase an annuity plan after you reach retirement age. If you choose to buy the Heirs Life Annuity plan, we will provide you with a steady income for the rest of your life.

Annuities continue to pay you a fixed sum for the remainder of your life, in contrast to scheduled withdrawals (pension), which stop once all of your retirement savings are spent.

The balance is prorated and distributed to your beneficiary in one lump sum in the case of a death within the first ten years of the policy. Your loved ones will continue to get your hard-earned money in this way.

For Corporate

1. Group Life

There are two versions of the Heirs Group Life plan:

a. The Statutory Group Life Scheme

Employers of labour will benefit most from this plan. The company is required to pay the selected beneficiary three times the deceased employee’s yearly salary under the Pension Act 2014 in the event that an employee dies while doing employment-related duties. The Statutory Heirs Group Life plan assists companies in giving this necessary lump payment to the family members of their employees in the unfortunate event.

b. The Non-Statutory Group Life Scheme

For non-official group organizations like clubs, associations, societies, etc., this tactic is ideal. Heirs Life will give the beneficiary of a group member who passed away unexpectedly a lump sum payout.

2. Credit Life

The Heirs Credit Life plan may be used as security by lenders and borrowers.

Heirs Life steps in and settles the account with the lender if the borrower becomes disabled or dies before repaying the loan in full, maintaining smooth operations and shielding the borrower’s family from the financial burden of an unplanned loan.

3. Mortgage Protection

Being a home owner is a significant accomplishment. However, life’s unforeseen events could prevent you and your family from fully owning your home, especially if you paid for it with a mortgage.

The Heirs Mortgage plan relieves your family of the financial stress of paying off an unpaid mortgage in the event that the unimaginable occurs to you. In this case, Heirs Life will pay the balance of the mortgage to ensure that your family keeps the home you fought so hard to acquire.

4. Heirs Keyman Assurance

This tactic is typically used by businesses or organizations to protect the life of a significant shareholder or employee, whose absence could have severe consequences for the company.

The Heirs Keyman Assurance plan protects your company from potential financial harm caused by the untimely death or long-term disability of a key employee or shareholder.

Should this person pass away or be rendered permanently incapacitated, Heirs Life pays a sizeable payout to your company. This significant figure could help your company make up for lost revenue, pay for the expensive cost of replacing key staff, or lessen the financial blow.

Your business/organization will avoid bankruptcy in this method.

Who is a Keyman?

• A keyman is an employee or shareholder whose death or disability could render the company incapable of operating. They contribute significantly to the company’s revenue.

• The owner or founder of the company is normally the keyman for SMEs.

What are the requirements for Heirs Life Insurance?

There are some requirements customers of Heirs Life Insurance must meet before they can access their products offerings. These requirements include:

• Evidence of Payment.
• Duly Filled Proposal Form.
• Valid means of ID – Driver license, Voter’s card, NIMC, National ID, International Passport.
• A front page of the customer’s address, just like the address shown on the form or portal. Also, local government levy and proof of residence – Nepa or Lawma bill
• Correctly filled CTR, financial questionnaire, address verification form, and bank statement not over 6-months (This is if the premium is over N5 million).

Conclusion

Heirs Life Insurance has a wide range of products available. Additionally, be aware that they created these services to satisfy the diverse demands of both private individuals and corporate entities. To find the insurance provider that best meets your needs, you can still compare various insurance companies.