FAQ
> What should I do when I receive my policy?
> What are the advantages of a participating life insurance plan?
> How much life insurance should I have?
> What kinds of life insurance are there?
> How can I use my dividends?
> Do I need extra protection in addition to the employee medical scheme offered by my company?
> Are there disadvantages to replacing an existing policy?
> Will the insurance company pay the death benefit if the insured dies by suicide?
> Can the beneficiary file a death claim if the insured is missing for years?
> What is a rider and what is it for? What should I do when I receive my policy? * Read the content and provisions carefully. If you have any questions, let us know as soon as possible * Keep your policy documents in a safe yet easily accessible place; if you make a claim we need all of your policy documents * Tell your family that you are insured and where you keep your policy documents * If you lose your policy document, let us or your insurance advisor know as soon as possible. You will need to make a statutory declaration to us about the loss
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What are the advantages of a participating life insurance plan? * Immediate estate with life protection: the policy creates a substantial estate upon your payment of first premium to provide your loved ones with financial security * Guaranteed cash value: the automatic savings shown in your policy's guaranteed cash value offers you a guaranteed rate of return * Dividend: enjoy a share of the company's profit in the form of dividends that can be converted into cash or used to pay your policy premium * Loan: if you need emergency cash, the cash value of your policy can be accessed as a loan * Flexibility: a wide range of additional benefits can be linked to your policy to offer even more protection * Better planning: the accumulated cash in the policy enables you to realize your dreams of expanding a business or of taking early retirement
How much life insurance should I have? Enough to meet you and your family's needs, now and for the future. You need to review: * Your total assets * Your income-earning capacity (and that of your spouse) * Your total debts and liabilities * Your day-to-day financial requirements * Your long-term desires and goals * Inflation
What kinds of life insurance are there?
* Term: provides coverage for a specific period of time but has no savings. It pays a death benefit only if the death occurs during the period stated. It generally provides the largest immediate death protection
* Endowment: provides insurance protection for a specific period of time and pays the sum insured if the insured lives to the end of the period stated
How can I use my dividends?
Do I need extra protection in addition to the employee medical scheme offered by my company? The basic coverage provided by a company's medical plan usually does not offer comprehensive protection and adequate compensation. For your own sake, extra and tailor-made protection will be necessary.
Are there disadvantages to replacing an existing policy? Life insurance is a long-term assurance plan. When approached to replace a policy, you should think carefully about the consequences and potential disadvantages. The following questions may help: * Your existing policy may offer guaranteed returns, guaranteed surrender values, or guaranteed premium rates.* Can the new policy offer you the same guarantees? * A new policy usually has a waiting period before its full benefits apply.* Can you obtain continuous insurance coverage when switching to the new policy? * The incontestability clause and suicide clause of your existing policy might be already valid.
* Is there any possibility that you may lose these forms of protection as a result? * As time goes by, your health may change. * Is an additional medical check-up or an adjustment to the premium rate required for the new policy? * Will there be any extra administrative cost for the new policy?
Will the insurance company pay the death benefit if the insured dies by suicide?
A life insurance policy usually has a suicide exclusion provision, which governs the payment of policy benefits if the insured dies as a result of suicide. The provision period, usually one or two years, counts from the policy effective date. If the suicide is committed beyond the provision period, the insurance company is required to pay the death benefit.
Can the beneficiary file a death claim if the insured is missing for years? The insurance company will pay the death benefit if: (1) the insured has been missing for a specified time, typically seven years; (2) a diligent but unsuccessful search for the insured has taken place; and (3) no one has had any communication with the insured since his/her disappearance.
What is a rider and what is it for? This is a supplementary contract attached to your basic life insurance policy. The aim of adding a rider is to enhance your protection coverage and benefit. If the basic policy expires, the rider will terminate.