As the owner of a 1Life Disablement Cover policy there are a number of things that you should know about your policy. For example, did you know that if you leave the country for more than 14 days and do not inform 1Life of your travel plans, any claims that arise during this time might be rejected? Take a refresher course today!
As with all things in life, knowledge is power. This is our list of the five things you absolutely need to know about your disablement cover policy:
Your premiums are fixed for the first two years but will increase by 5% every year thereafter
5 years before you turn sixty-five or five years before your chosen retirement age your benefit amount will start decreasing every year by 20% until it reaches zero.
You must notify us if you start smoking, change your occupation, leave South Africa for more than 14 days or take up a hazardous pursuit. Failure to do so might result in claims being reduced or rejected!
There are certain circumstances under which your cover will fall away, for example excessive consumption of alcohol or drugs and failure to disclose information. Check your policy book for a detailed list.
You can increase your sum assured by up to 25% without any medical underwriting on your third policy anniversary or if your life changes in a way that impact the amount of cover you need, for example the birth of a child.