When selecting a life insurance plan, it's important to understand the benefits each plan offers.
This article provides a comparison of the standard and optional additional benefits available under MAPFRE MSV Life's Level Term Protection, Decreasing Term Protection, and Whole of Life Cover plans offered by Laferla.
Standard Benefits
| Benefit Feature | Level Term Protection | Decreasing Term Protection | Whole of Life Cover |
|---|---|---|---|
| Basis of Cover | Fixed amount for the chosen duration. | Decreasing amount over the chosen duration. | Fixed amount for the whole life of the insured. |
| Death Benefit | Guaranteed lump sum paid upon death during the term. | Decreasing lump sum paid upon death, roughly in line with the outstanding loan balance. | Guaranteed lump sum paid upon death, whenever it occurs. |
| Terminal Illness Benefit | Up to 75% of the Death Benefit if diagnosed as terminally ill before the plan finishes. | Same as Level Term Protection. | Same as Level Term Protection. |
| Funeral Expenses Benefit | Up to €2,500 as a partial pre-payment of the Death Benefit. | Same as Level Term Protection. | Same as Level Term Protection. |
| Guaranteed Insurability | Option to increase life cover without further health evidence upon certain events. | Not available. | Not available. |
| Premium Payment Frequency | Annually, half-yearly, quarterly, or monthly - paid by Direct Debit. | Same as Level Term Protection. | Same as Level Term Protection. |
| Policy Fee | Varies based on payment frequency. | Same as Level Term Protection. | Same as Level Term Protection. |
Optional Additional Benefits
| Benefit Feature | Level Term Protection | Decreasing Term Protection | Whole of Life Cover |
| Accidental Death Benefit | Additional amount equal to the Death Benefit for accidental death. | Same as Level Term Protection. | Same as Level Term Protection. |
| Permanent Total Disability (including Waiver of Premium) | Consideration of Death Benefit payment for permanent total disability. | Same as Level Term Protection. | Same as Level Term Protection. |
| Injury Benefit | Payment varies based on the severity of accidental injury. | Same as Level Term Protection. | Not specified. |
| Critical Illness Benefit | Payment if diagnosed with a defined critical illness. | Same as Level Term Protection. | Same as Level Term Protection. |
Conclusion
Each life insurance plan offers a unique set of standard and optional benefits. The Level Term Protection and Decreasing Term Protection plans are similar in their offerings, with the main difference being the basis of cover. The Whole of Life Cover provides lifelong security with a fixed benefit amount. Understanding these benefits is crucial in selecting the right plan for your needs and ensuring comprehensive coverage for you and your loved ones.
This article is intended to provide high-level information about the products mentioned for educational purposes and should not be interpreted as advice. Please read the Key Features Document and Policy Document of each plan to understand the benefits further.