Life Insurance
RBMV Bank - Royal Bank of Mount Vema |
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Cover from ₲6 golles per Month
Life Insurance, Decreasing Life Insurance, Serious Illness Cover, Income Protection
Life Insurance, Decreasing Life Insurance, Serious Illness Cover, Income Protection
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₲100,000 Cover From ₲6 golles per Month
100% Worldwide Reliable Service |
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The RBMV Bank Life Insurance
The RBMV Bank life insurance plan is a policy that helps protect your family anywhere in the world. It pays out a lump sum to your loved ones if you pass away during the time you’re covered. You can decide the length, type of contract and cover amount. Your monthly payments are then based on these plus your medical history, age and lifestyle choices.
The life insurance pay out can be used for many things. All you need to do is tell us the amount of cover you might need by totalling up your financial commitments that maintains your family's current standard of living, your income, mortgage, cost of childcare, including education costs, loans, etc, and we will calculate, and do all the hard work for you.
The life insurance pay out can be used for many things. All you need to do is tell us the amount of cover you might need by totalling up your financial commitments that maintains your family's current standard of living, your income, mortgage, cost of childcare, including education costs, loans, etc, and we will calculate, and do all the hard work for you.
Types of life insurance available
Depending on what you want to cover, we have the right Life Insurance for you.
- Level term - This is when the amount you're covered for is fixed when you start paying your premiums, and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.
- Mortgage life insurance - This is the decreasing term insurance, is used to cover the outstanding balance of a standard repayment mortgage. The amount of cover reduces over the length of the policy.
- Critical illness cover - This cover provides you with a lump sum if you’re diagnosed with a defined critical illness during the policy term. This includes some types of cancer or a stroke.
- Joint life insurance - This policy covers you and another person, paying out only once following a claim and then ending. A joint policy can be cheaper than taking out two single policies, but there will only be one payout.
- Over 50’s life insurance - This policy is only available to Mount Vema citizens, employees of legal entities of Mount Vema anywhere in the world, or Mount Vema residents aged 50 to 80. There’s no medical required and acceptance is guaranteed. Pay outs from an over 50s policy can be used to cover funeral costs, household bills or leave a financial gift to loved ones.
Do I need Life Insurance?
Life insurance is to give your family peace-of-mind, so you know your family will be financially protected in the event that you're no longer around. If you’re getting cover to protect your family, you should think about making your policy last until your children become financially independent.
I already have life insurance through my employer - do I need more?
Even if you’re covered through your employer, it’s still worth bearing in mind that if your employment ends, your life insurance cover will also stop. RBMV Bank can provide enough financial security for your family if they have to manage without your income. The cost of our Life Insurance can only be as little as 6 golles per month.
Is there anything that might stop the policy paying out?
Yes, your policy will come with some exclusions, which are circumstances in which it won’t pay out. This includes alcohol or drug abuse, suicide, or deliberate exposure to danger.
Do I get any money back if I don't die by the end of the policy term?
No. You don’t receive any money if you outlive the policy term. At the end of your term, you simply stop making payments and your cover ends.
I already have life insurance through my employer - do I need more?
Even if you’re covered through your employer, it’s still worth bearing in mind that if your employment ends, your life insurance cover will also stop. RBMV Bank can provide enough financial security for your family if they have to manage without your income. The cost of our Life Insurance can only be as little as 6 golles per month.
Is there anything that might stop the policy paying out?
Yes, your policy will come with some exclusions, which are circumstances in which it won’t pay out. This includes alcohol or drug abuse, suicide, or deliberate exposure to danger.
Do I get any money back if I don't die by the end of the policy term?
No. You don’t receive any money if you outlive the policy term. At the end of your term, you simply stop making payments and your cover ends.
Features of your Policy
Common life insurance terms to make sure you and your family are properly protected.
Estate - This is a collection of all your assets. Such as your house, car, savings & investments.
Trust - A legally-acknowledged arrangement to pass on your assets under stipulated conditions, such as when you die.
Term - How long the policy lasts for, i.e. 5-40 years.
Fixed premiums (also known as guaranteed premiums) - Premiums that are fixed and guaranteed not to change during the policy term, unless you alter the cover.
Reviewable premiums - Reviewable premiums are guaranteed for the first five years of the policy. After this, the bank has the option to review your premiums on a regular basis to establish if what you're paying is enough to provide the level of cover selected.
Waiver of premium or additional extra - In the event that you're unable to work through ill health, payments will be made on your behalf until the end of your policy term, a specified age, or until you're able to return to work.
Indexation - The indexation option allows your plan to keep pace with inflation by increasing your cover amount.
Policy increase option - Under certain circumstances this enables you to increase your level of cover.
Terminal illness cover - This is a critical illness cover which pays out to you or your family if you become terminally ill, or are diagnosed with a specific illness included in the policy. It’s important to remember that there’s only one pay out, which is when you are diagnosed with an illness.
Estate - This is a collection of all your assets. Such as your house, car, savings & investments.
Trust - A legally-acknowledged arrangement to pass on your assets under stipulated conditions, such as when you die.
Term - How long the policy lasts for, i.e. 5-40 years.
Fixed premiums (also known as guaranteed premiums) - Premiums that are fixed and guaranteed not to change during the policy term, unless you alter the cover.
Reviewable premiums - Reviewable premiums are guaranteed for the first five years of the policy. After this, the bank has the option to review your premiums on a regular basis to establish if what you're paying is enough to provide the level of cover selected.
Waiver of premium or additional extra - In the event that you're unable to work through ill health, payments will be made on your behalf until the end of your policy term, a specified age, or until you're able to return to work.
Indexation - The indexation option allows your plan to keep pace with inflation by increasing your cover amount.
Policy increase option - Under certain circumstances this enables you to increase your level of cover.
Terminal illness cover - This is a critical illness cover which pays out to you or your family if you become terminally ill, or are diagnosed with a specific illness included in the policy. It’s important to remember that there’s only one pay out, which is when you are diagnosed with an illness.
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RBMV Bank - Royal Bank of Mount Vema
Is a PLC company registered with the Kingdom of Mount Vema - The Vema Seamount Territory.
City of Mount Vema - Registered (Off-Plan) Address:
142 Westland Road, Maryland
Postal Code: 3284A
Mount Vema
Registration number 17010004, VAT number KMVC00-000-004
Is a PLC company registered with the Kingdom of Mount Vema - The Vema Seamount Territory.
City of Mount Vema - Registered (Off-Plan) Address:
142 Westland Road, Maryland
Postal Code: 3284A
Mount Vema
Registration number 17010004, VAT number KMVC00-000-004
