Life insurance Kidnap or ransom insurance

Phabbyfundz

Active member
Coverage up to a specific limits for the costs of ransom or extortion payment and related expenses. Often bought by inter national cooperation to cover employees. Most policies have large deductibles and may exclude certain geographical area. Some policies require that the policy holder not reveal the existence of the coverage paid either for the life of the annuitants or for a guaranteed period.
Life income with period certain or at least until a guaranteed amount has been paid , life income with refund annuity. Life annuity is a type of contract that guarantees periodic income payment throughout the life time of a named individual the annuitant. If a life annuity provide no further benefit after the death of an annuitant , the annuity is known as a straight life annuity.
 

btaliat

VIP Contributor
I think I need to do personal research on this. Insurance company is know to be paying compensation for the risks it covers and not ransom on whoever is kidnapped. In as much as I won't say I don't believe in the existence of this type of insurance policy, I won't say it is true.
 

Wisdom01

Valued Contributor
The life annuity how does it work , would the person get income coverage periodically even if the risk insured dosent happen , I need to Know more about because it seems it different from the life insurance policy where you get coverage for your life and get paid at a stipulated time
 

Nite

Valued Contributor
Kidnap or Ransom insurance is designed in a way that protects an organisation from the financial impact of unexpected expenses due to kidnapping and ransom. Companies often use this insurance policy for their employees who frequently travel to areas where kidnapping is a problem. High profile individuals can also buy this as a stand-alone policy.
 

Mr Done

New member
Coverage up to a specific limits for the costs of ransom or extortion payment and related expenses. Often bought by inter national cooperation to cover employees. Most policies have large deductibles and may exclude certain geographical area. Some policies require that the policy holder not reveal the existence of the coverage paid either for the life of the annuitants or for a guaranteed period.
Life income with period certain or at least until a guaranteed amount has been paid , life income with refund annuity. Life annuity is a type of contract that guarantees periodic income payment throughout the life time of a named individual the annuitant. If a life annuity provide no further benefit after the death of an annuitant , the annuity is known as a straight life annuity.
Don't know so well about life annuity but it seems like it applies to individuals who travel to places with high life risk or people who are posted to highly volatile state/country. Since this form of insurance isn't well known, where and how can one get this insurance or how can one be entitled to one.
 

Chibson

VIP Contributor
this kind of insurance can go a very long way in areas that is full of insecurity because the unfortunate will happen to any individual. kidnap or Ransom insurance can go a long way in saving a whole lot of money for the insurer in terms of kidnap cases and other insecurity related incidences.
 

Phabbyfundz

Active member
Don't know so well about life annuity but it seems like it applies to individuals who travel to places with high life risk or people who are posted to highly volatile state/country. Since this form of insurance isn't well known, where and how can one get this insurance or how can one be entitled to one.
The major problems facing insurance policies and insurance companies is the fact that most individuals and companies are not even aware or enlightened about the insurance policies made available to them by insurers. With proper sensitization you will discover that all this benefits are within your reach but you were still ignorant about it.
 

Good luck

Verified member
I think kidnap or Ransom insurance should be another way of doing or engaging in life insurance, the company should take its responsibility if someone that insured his or her life is kidnap. The company should be responsible to pay the ransom for the person to be set free.It should be part of life insurance policy since the person is paying premium.
 

btaliat

VIP Contributor
this kind of insurance can go a very long way in areas that is full of insecurity because the unfortunate will happen to any individual. kidnap or Ransom insurance can go a long way in saving a whole lot of money for the insurer in terms of kidnap cases and other insecurity related incidences.
The only issue I have with this type of insurance policy is that most time, the insured person may even be planning his or her own kisnap. It is possible in my country where there are some people that will be influencing ther kidnap may be they want to collect ransom from their employers or even parent some time.
 

Chibson

VIP Contributor
The only issue I have with this type of insurance policy is that most time, the insured person may even be planning his or her own kisnap. It is possible in my country where there are some people that will be influencing ther kidnap may be they want to collect ransom from their employers or even parent some time.
Lol, of course it is very possible because there are a lot of unscrupulous people out there. I have seen a lot of people that have planned their kidnap in order to extort money from their siblings. Sometimes these kind of insurance companies may go into extinct especially when they are in environment that there are a lot of insincere people.
 

btaliat

VIP Contributor
I think kidnap or Ransom insurance should be another way of doing or engaging in life insurance, the company should take its responsibility if someone that insured his or her life is kidnap. The company should be responsible to pay the ransom for the person to be set free.It should be part of life insurance policy since the person is paying premium.
I don't think life insurance will replace this kind of insurance policy. Life insurance is only always responsible to the after math of the death of the insured person in the case of whole term life insurance. They are to pay compensation to the family of the dead persons and not ransom
 

Wisdom01

Valued Contributor
I think kidnap or Ransom insurance should be another way of doing or engaging in life insurance, the company should take its responsibility if someone that insured his or her life is kidnap. The company should be responsible to pay the ransom for the person to be set free.It should be part of life insurance policy since the person is paying premium.
Yeah but that's if it's in their agreement , because kidnap could happen at any time most especially in a place with less security ,and am sure that the person insuring would be paying more premium fee if kidnap is in the agreement , because they know how hard it would be to cover such risk
 

Mandy96

Valued Contributor
I really do not have much to say about this because it does not feel right to wake up one day and think the next thing necessary for you to do is to purchase an insurance policy that covers you if you ever get kidnapped. Even if this policy truly exists, I don’t think it is important to get it
 

Augusta

VIP Contributor
Kidnap or Ransom insurance is designed in a way that protects an organisation from the financial impact of unexpected expenses due to kidnapping and ransom. Companies often use this insurance policy for their employees who frequently travel to areas where kidnapping is a problem. High profile individuals can also buy this as a stand-alone policy.
Oh really I'm new to this never knew this kind of insurance exist but it sounds good to me because in my country kidnappers are always after high profile individuals so it will make a lot of sense of they re insured against kidnapping. Since kidnappers do demand high amount of money for their release
 

Jonaville

Active member
Never knew there is something like kidnap or ransom insurance, really. But I have heard of annuity. Now I want to ask: is annuity not the same with life assurance? Dont mind me, I am not that conversant with insurance related issues, probably because I'm not old enough to worry about it yet.
 
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