- What does life policy cover?
There’s a wide range of Life Insurance policies available depending with the insurance companies policy document. Life Insurance policies cover all causes of death, except for suicide and death as a result of intentional self-harm. This helps to ensure your loved ones are taken care of, financially, if you die. It’s paid out in a lump sum to your beneficiaries.
- Can one pay premiums at once for the entire period of the policy (life policy) instead of monthly deduction by the employer?
Yes, a policy document is an agreement between Insurer and the buyer. Payment plans can be agreed between the policyholder and the insurer. They can calculate what premiums you can pay for a certain period. The insurer can tailor make the policy to meet an individual’s needs depending on the terms of agreement.
- Can one have riders on their own life policy to include death of wife?
No. The reason being that life policy cannot have life policy as a rider. What one can do is rather take a joint policy with a wife or desired beneficiary who will benefit it case either if the two dies.
- In life assurance can one buy more than one policy?
Yes, a person can buy as many life policies as long as they can also pay premiums on all the policies.
- If I pay premium for five years then I die, who will be paid my policy benefits?
When purchasing a life policy, the policyholder indicates the beneficiary of the policy. Your insurance policy will specify who is eligible to receive payment for death benefits. Typically the following are eligible to receive payment: Surviving spouse, if the spouse is a resident of the same household as the deceased at the time of the accident.
Parents of the deceased, if the deceased is a minor and living with their parents at the time of the accident.