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December is for fabulous family time, not worrying about money matters! Getting ready for the holiday season means planning celebrations, family time and getting your finances in order. Start by making sure your 1Life policies are in great shape!
To help you get your review done quickly and easily, we’ve listed the most important items to check on life and funeral cover policies. You’ll need your policy schedule, which you can download from the policyholder portal or WhatsApp service centre.
Policy review checklist
1. Names and contact details
Check the names of the life assured and all policy members against their ID documents, as well as their email and contact details. Names should match what’s on their ID.
Why? So, we can pay valid claims quickly. If the name of the life assured or a member on the policy differs from what’s on their ID documents, claims might be delayed.
2. Sum assured
Check the sum assured, which is the amount a funeral or life cover policy will pay-out.
Why? So that your loved ones have the funds they need to cover funeral expenses or maintain their standard of living if the main member passes.
Top tip: Use this life insurance calculator to work out how much life cover you need or speak to a financial adviser. You can also use the funeral costs calculator to calculate the cost of a beautiful send-off.
3. Your premium
Check the premium amount, payment dates and bank details.
Why? No premium means no cover. If you miss a premium payment, you have a grace period of 31 days to make it up to ensure your cover stays in place. If premiums aren’t paid, cover will be suspended, policies may lapse, and no claims will be paid.
4. Your beneficiary or beneficiaries
Check that your beneficiary or beneficiaries are correct, that their names are the same as on their ID documents, their ID numbers are correct and contact details are up to date.
Why? So that policy pay-outs are made to the correct person, and we can contact them quickly and easily.
Need to make changes to your policy?
- Visit the online policyholder portal to update your policy. You can also send us a secure message on the portal, and we will get back to you.
- Ask your financial adviser for assistance.
- Chat to one of our skilled consultants.
Remember, if you are struggling to pay your insurance premiums, talk to us about reducing your premium rather than cancelling your cover completely. We are always here to help.
And now, you can get back to planning that holiday!
Thank you for your support in 2025. We’re committed to ensuring your 1Life Insurance policy changes your loved ones’ lives for the better!