Long Term Insurance

As opposed to short term insurance, you cannot insure yourself, however it is rather aimed at you selecting a cover amount that suits your lifestyle, which will be paid to you or your beneficiaries upon in the event of a retrenchment, disability or death.

Within life insurance, there are two main types of benefits:

• Death benefits: These benefits protect surviving family members should the insured die, by providing them with either a lump sum payment or smaller periodic payments. It is within the sole discretion of the beneficiary to utilise the money to his/her and the surviving family’s benefit; and
• Living benefits (disability and retrenchment): These benefits deal with the significant costs involved should something happen to you and you are no longer in the position to earn an income and in so doing meet your financial obligations. For example, if you become disabled, life insurance compensates you for the extra expenses you may incur. These can include the costs of adapting your lifestyle and paying medical bills not covered by your medical aid. In the event of retrenchment, this benefit will provide you with an income to meet your financial obligations until alternative employment is secured. This benefit is however time bound where disability benefit usually does not have any limitations, depending on the nature of the disability.

Through Nedplan Insurance Brokers (Pty) Ltd, Nedbank Namibia offers its clients and the general public a tailor-made brokering service, aimed at meeting the clients short and long term insurance needs to protect you from life's ups and downs no matter what life stage you're in.

For an assessment of your insurance portfolio or to find out more about the various product offers available to you, contact us on:

Tel: 081 959 2503 

Email: nedplan@nedbank.com.na