What is Mlera Life Cover?Mlera Life Cover is a protection policy designed to pay out a lump sum when the person insured dies within the selected term. It can be used to provide financial security for your loved ones and will pay out as long as you keep up with the payment of your premiums.
This policy aims to benefit the beneficiaries in the event of the Life Assured’s death. Some of these benefits include:
- Providing financial security for family members
- Paying-off outstanding mortgage repayments to secure a property
- Providing a lump sum to cater for the costs of raising children and paying for school or university fees
- Level of Cover - A policyholder can choose any level of cover between K1 500 000 to K150 000 000
- Optional cashback benefit equal to 15% of all premiums paid every 3 years
- Premium payment frequencies - you can choose monthly, quarterly, bi-annual and annual premium payment frequencies
The minimum age is 18 years and the maximum age is 60 years for cover below K25 000 000 and 65 years for cover above K25 000 000.
You can choose cover that stays flat through the policy term or choose compulsory annual cover increase at a fixed percentage of 10% which will be effected on each policy anniversary.
You can choose to pay monthly, quarterly, bi-annually or annually.
A variety of factors will determine the premiums of your Mlera Life Cover insurance policy, including:
- Your current age and gender
- Your health and medical history
- Your chosen policy term
- Your chosen cover amount
- Whether you prefer cashback or not
- Selected annual cover increase option
- The amount you wish to be paid out when you die
The policy will be active once we have received the signed application form, the application has been accepted and the first full premium has been paid.