There are several reputable life insurance providers in Cayman offering policies designed to provide peace of mind and long-term financial security for individuals, couples and families.
Most banks in the Cayman Islands require borrowers to have term life insurance (coverage for a specific period) in place when taking out a mortgage. This ensures the outstanding loan can be repaid if the policyholder passes away.
Beyond mortgage protection, life insurance is an essential financial planning tool. It can help cover living expenses, education costs, outstanding debts and funeral expenses, providing crucial support for your family or other dependents.
How much does life insurance cost in the Cayman Islands?
Life insurance premiums in Cayman vary depending on various factors, including:
- age
- health and medical history
- lifestyle factors (e.g. smoking)
- coverage amount
- policy term
As a general guide, a healthy individual in their 30s should expect to pay CI$25-CI$60 per month for a basic term life policy of CI$250,000-CI$500,000. Premiums increase with age, higher coverage amounts and additional policy features.
Of course, whole life policies (or life assurance) can cost significantly more due to lifelong coverage and cash-value components.
An insurance advisor will assess how much coverage you need based on your income, debts, dependents and long-term financial goals.
Though there are several insurance companies that specialise in life insurance in the Cayman Islands, many insurers listed on the Insurance Providers page also offer life insurance products.
Compare the providers below to find a policy that best suits your needs and budget.
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