For individuals
Life Insurance
Life insurance protects your relatives from any unforeseen financial difficulties (including the repayment of a mortgage) in the event of loss of a provider, the death of the insured person due to any reason (a sudden or long term illness, an accident, etc.). The financial protection can be extended, including a separate risk cover in the event of accidents, medical treatment expenses for serious diseases and the loss of capacity to work.
Universal Life Insurance
Either combined with your Life Insurance or separately, you can save effectively for various purposes: a purchase, a trip, your child’s education, your own or your relative’s treatment or your life pension with the possibility of leaving it to somebody by a will… therefore this type of insurance is interesting from the date of coming of age.
You may also accumulate some money for the 2nd tier of pension scheme in this way.
For Companies
Life Insurance
Life insurance is a step towards extending your non-material staff compensation scheme. It demonstrates the company’s long-sightedness, when you look after the relatives of your personnel, and it also strengthens your reputation as an employer. But a company may put itself down as the partial or sole beneficiary in the event of the employee’s death. This is a good way for the company to compensate the cost of searching for new employees and the induction expenses. The financial protection can also be extended, including the accident insurance; the severe disease caused medical expenses and the separate risks of incapacity to work in the insurance policy.
Universal Life Insurance
Universal Life Insurance is a programme that provides the financial safety solution to employees. There are various policies a company can choose for its employees, depending on the purpose of saving (e.g. the employee’s health expenses), the nature of deposits, and the principle of making savings. The company remains the owner of the insurance policy, so it may include a condition that the employee may keep the policy if he leaves the company, or it can use the policy to attract personnel as an additional alternative to a wage. The company is also entitled to take an advantage of all tax reliefs prescribed by law.