Life insurance pays out cash to a beneficiary you nominate in the event of your death from natural or accidental causes. Some insurance companies refer to life insurance as life assurance. This is really the same thing.
What are the requirements to qualify for life assurance?
Whether or not you are eligible for life insurance will depend on factors such as your health, lifestyle and type of employment. If you do qualify, your monthly premium will be based on factors such as your age, gender, health and occupation.
Who can own a policy with the bank?
Customers who are between 18 and 65 years old for Life Cover and between 18-59 for our other products; a South African citizen or permanent resident with a green Identity book.
How long are quotes valid for?
30 days, however, if anything changes in that time we will need to re-quote.
Why does cover start on the 1st and not on first premium payment?
Customers must always pay the premium prior to the start of the month. We do not take pro-rata payments. This is also to make sure that we can sort out any payment issues to ensure that cover commences.
What alternatives do I have if I am declined cover?
Most products have a level of cover for accidents / injury only. This is so that if the customer is declined for health reasons they will still be covered for external events.
When would I be declined full cover?
There are many factors that result in this. We take into account age, BMI, alcohol consumption, smoking status, education, monthly income, occupation, avocation, country and province of residence and medical history. The only time we know for sure that the customer will only be offered a reduced level of cover, is when they do not submit an HIV test or it is reactive.
When do I have to go for HIV tests?
If the customer wants to enjoy full cover, then they must go for a blood test. If this expires and they wish to purchase more products, they may have to repeat the test.
What happens if I contract HIV after submitting a negative HIV test?
Nothing will change. At the time of the contract the customer was not HIV positive. It will only affect future purchases or increases to current products.
Where can I go to have an HIV test?
Our partners are Lancet Labs and Pathcare (Western Cape, Free State and Northern Cape). We have a list of destinations close to the customer.
What type of HIV test is used?
At this time we require a full blood test.
How long do I have to go for the test?
We need to have a test result within 90 days.
What if I disclose that I am HIV positive at the beginning of the call?
We do not pre-qualify a customer. We will go through the entire underwriting process to determine if cover can be offered.
What if I have just done an HIV test and want to submit that?
We have very tight controls around the testing and validity of the result which is why we ask that our process is followed in order to enjoy the cover we offer.
I am pregnant, can I take out cover?
Labour needs to be captured in the underwriting; however, we will not discriminate against pregnant woman. We will go through the underwriting process to determine cover.
Can the premium payer be someone other than the policyholder?
Yes, a conference call must be done with the premium payer and the policy holder on the line. The premium payer must give permission to use their banking details. No other information about the policy must be discussed with the premium payer.
What happens if I miss one premium?
We will try to contact you and offer to set up a mid-month debit.
What happens if I change my mind after taking the policy?
If the customer is not happy after reviewing the policy documents, they have 30 days to cancel the policy in writing. If they notify us during this time any premiums paid will be refunded.
Can I claim a percentage of my cover at a time?
No, once the claim is made, we pay the whole lump sum and the policy terminates.
Will I still be covered if my personal or medical details change over time?
Any lifestyle choices the customer makes may affect the product. We ask that customer notify us if they change their occupation; start or stop smoking; quit or join any hazardous sport or hobby. We also need to know if the customer intends on spending more than two months outside South Africa. We may have to adjust the selected cover and monthly premiums to account for any changes. We may not pay a claim if we were not notified of these.
Is there any other time that you may not pay my claim?
For most risk products we will not pay-out if the customer became ill or disabled because they broke the law; consumed alcohol; took drugs; or took part in war, riot or terrorism. We will also not payout if the life assured committed suicide within 24 months of the policy commencing.
Can I claim back my premium payments from SARS?
At the end of every tax year we will send you a certificate showing your yearly contributions. We have no control over whether SARS pays a rebate or not.