Are the any other options to be offered to me apart from receiving my savings together with my profit shares when my Cumulative Life policy expires?
At the end of the period of your policy, our company will offer you a 3rd option. We explained these options and their details below. But you can also extend the period of your policy... If you chose this alternative, you will continue to cover yourself and your beneficiaries against the risks of death, disability and to benefit from your tax deduction right due to the premiums you will continue to pay. By extending the period of Cumulative Life insurance which is a long term agreement, you will have the chance to attain savings in greater amounts and have a more satisfactory profit in your older ages. Your revenue options will be as follows at the end of the period.
- Life-long salary option without any bulk payment: If you want to use your cumulated capital as salary during your whole life, you will have an income all through your life; but upon your death your insurance will end, no payment will be done to your beneficiaries.
- You can get the half of the total amount and receive life-long salary with the other half.
- You can have guaranteed salary for the duration of a period defined by you without receiving any bulk payment. If the risk of death comes to occur within the period defined by you, the rest of the payment that correspond to the rest of the time will be paid to your beneficiary or beneficiaries. You can end your policy by taking your cumulated capital. We would like to remind you that you will continue your life without the guarantee that we would provide you by choosing this option.
How can I benefit from the tax advantage, how are the life insurance premiums that I paid exempted from tax?
If you are a wage earner or annual declaration based taxpayer, you can the premiums you paid from your taxes according to the clauses 63/3 and 89/1 of Income Tax Law with law number 4697. In order to benefit from these, you need to pay your premiums within the terms they belong to. If you give the receipt indicating your payment for the premium, the paid premium will be deducted within the limits from your taxes.
What are the factors that affect the cumulative amount of my Cumulative Life Insurance policy with profit share?
Following factors define the efficiency of the cumulative guarantee: Paying the insurance premiums on time,
- Paying insurance premiums equal to or over the inflation rate,
- Choosing higher amounts of insurance premiums,
- Annual payment method and choosing the Risk coverages at minimum rates.
Can I change the payment method or collection type of premiums of my Cumulative Life insurance policy?
You can change the premium payment method (monthly, 3 months, 6 months, annual) once a year at anniversaries of the starting date of your policy. (See: Example 1)
You can change the premium collection type at any given time during your policy period. (see Example 2) Example 1: It is possible to change the payment method of your Life insurance policy that started on 01.01.1999, with an annual premium of 1,200 $ and annual payment method inside January every year.
Example 2: If you are paying the premium of your Life insurance policy that started on 01.01.1999, with an annual premium of 1,200 $ and annual payment method in cash, you can switch this payment method to ant of the options by Credit Card or by bank transfer at any time you want. When you send your written request to the body of our general Directorate, your changes will be made immediately.
What are the premium payment options of Cumulative Life insurance policies?
Principally, insurance premiums are paid in total annually. In practice however they can be paid in instalments for every 3 months, 6 months or a year.
Which codes define the effective date in Life insurances?
The policy is effective when the insured and the insurer sign the contract and the first premium is paid. If the application form for the life insurance is not rejected by the insurance company within 30 days, it is deemed that the insurance contract is made.
Who can have life insurance?
Everyone over 18 years of age can have life insurance.
Can I increase or decrease the coefficients that define the risk coverages in my Cumulative Life policy?
Yes, but depending on the value of the coefficients that you are going to prefer, you may be subjected to a second risk assessment analysis.