- After-death arrangements
- Life insurance
- What is a life insurance?
- Relevant statutory provisions
- Different types of life insurance
- Utmost Good Faith
- Medical evidence requirements
- Common exclusions in life insurance policies
- Important matters to consider before taking out a life insurance policy
- Cooling Off Period
- Suicide and incontestability
- Practical tips for handling a life insurance claim denial by an insurance company
- The Insurance Claims Complaints Bureau
- Questions and answers
What is a life insurance?
A Life Insurance Policy is a contract between an insurer and a policyholder under which the insurer will pay the designated beneficiary a specific sum of money upon the death of the policyholder whilst the policy is in effect. Other types of protection can also be included as supplements to a Life Insurance Policy: insurance for a critical illness or disability, for example. These protections may also be combined with a savings option in the same policy. The policyholder is required to pay a premium, either monthly, quarterly or annually.
Life insurance may provide useful financial assistance for the family members or other dependants of the policyholder. It can also be used as a channel for investment, or for saving for such things as retirement.
Specific exclusions may be written in a Life Insurance Policy, so the policyholder much pay attention to the terms and conditions in the policy, and check the relevant exclusions clauses and liability limit of the insurer.